May 23, 2024

Well-known cryptocurrency analyst EGRAG has pinpointed three significant levels for XRP to monitor on the monthly chart as XRP fell below the important psychological support level of $0.50.

EGRAG’s recent revelation stems from his examination of XRP’s recent price trends. The analyst highlighted the Phobos Line, the Line of Hestia, and the Hermes force, drawing on elements from Greek mythology to emphasize his perspective.

The Phobos line

According to the Greek methodology, Phobos is a deity in Greek mythology symbolizing fear, panic, and terror. Phobos was frequently depicted as a frightening and unrelenting presence capable of instilling fear in warriors, causing them to lose their bravery and retreat from combat.

EGRAG underlined the importance of the Phobos Line in influencing emotions within the XRP community. He emphasized its unique characteristics, setting it apart from the previously mentioned ATLAS line. 

With regards to this, When XRP’s price falls below the Phobos Line, investors typically react with emotions such as desperation, fear, and sometimes even anger. EGRAG stressed that this line serves as a psychological indicator and a dividing line between bullish and bearish sentiments.

At present, XRP is in the process of reevaluating the Phobos Line while hovering around the $0.49 mark, intensifying the ongoing struggle. Importantly, if the asset were to breach this level, it could induce panic among market participants, potentially leading to more selling activity.

The line of Hestia

EGRAG emphasized the Line of Hestia as a symbol of safety and serenity amid turbulent market movements. When XRP secures support along this line, it has the potential to bring about a sense of calm within the community, mitigating the consequences of breaching the Phobos Line.

Significantly, the Line of Hestia is presently positioned just beneath the Phobos Line, serving as a robust support level. It acts as a vital fortress in cases where bearish forces surpass the Phobos Line, protecting XRP from further downturns.

The crucial Hermes force

Furthermore, Egrag introduced Hermes as a significant force with the potential to drive XRP’s price upward. The presence of the Hermes force typically indicates an imminent upward trend for XRP.

Analyzing historical chart data, it is evident that the last encounter with the Hermes force occurred in 2017, leading to a remarkable rally in XRP’s price, ultimately reaching its all-time high of $3.3 in January 2018.

According to EGRAG’s chart analysis, the XRP market has recently experienced the second appearance of the Hermes force. This development is intriguing and implies the possibility of another substantial price surge. The analyst has consistently advocated for this scenario in previous analyses.

XRP Falls Below the $0.50 Price Level

EGRAG’s analysis arrives at a critical moment for XRP, grappling to stay above the $0.50 price level. 

Recent developments have caused XRP to close below this psychological mark for the first time in a week. This indicates a resurgence of bearish sentiment in a volatile battle where XRP has repeatedly crossed back and forth over the $0.50 threshold.

Despite this instability, EGRAG maintains an optimistic long-term outlook for XRP. In a prior analysis, this market analyst forecasted a potential rally for XRP to reach $15, drawing from historical data.

Meanwhile, XRP is trading at $0.4750, marking a 5% decrease in the past 24 hours.

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