February 23, 2024

Top crypto analyst EGRAG believes XRP is poised to attain the $0.6 level when it overcomes the $0.55 resistance level. According to EGRAG’s analysis, this is possible since XRP has broken above a multi-month downtrend. However, he believes that two descending trendlines limit XRP’s price gains. 

EGRAG Highlights XRP’s Attempt to Break Above Descending Trendline 

Crypto analyst EGRAG, in a Tweet, provided a short-term analysis of the Ripple Coin’s price moves. According to the analyst, XRP is making a powerful move testing the Descending Trend Line ‘A.’ EGRAG believes this to be a major shift for XRP, noting that the asset will encounter strong resistance around $0.55.

However, if XRP overcomes this range, it will soar, aligning to the 0.382 Fibonacci level ($0.60). Furthermore, EGRAG said the Descending Trend Line ‘A’ strongly resists XRP’s price ascent. Also, he noted that a drop below this level might force XRP to decline to $0.43. 

Nevertheless, he stated that XRP will eventually outshine other cryptocurrencies regardless of whether it overcomes the trendline resistance. The analyst urged investors to hold positions steady as he sees a potential breakout ahead for the token.

Moreover, the legal battle between Ripple Labs and the SEC will likely play a vital role in its price action. Meanwhile, Ripple is seriously exploring crypto-friendly jurisdictions to expand its business. According to a Bloomberg report, Ripple Labs stated that over 80% of its hiring this year will be outside the U.S.

Addressing the report, Ripple Labs’s CEO Brad Garlinghouse stated that regions such as Singapore, the U.K., and Dubai are crypto-compliant. Therefore, Ripple Labs will focus on these areas and other markets outside the U.S. to expand their operations. However, on the daily chart, XRP faces resistance and a possible short-term decline. 

XRP’s Price Outlook Today

XRP is in the upper region of the Donchian Channel (D.C.) but encountered stiff resistance at $0.52. The selling pressure at $0.52 has forced the asset to drop to the $0.48 support level. Also, the Relative Strength Index (RSI) at 45.6, approaching the oversold area, confirms a price decline for the asset. 

XRP rallied between September 12-20 before the decline today due to pressure from sellers. Also, the Moving Average Convergence/Divergence (MACD) shows a decline in the buy signal and will likely drop below its signal line. 

Furthermore, the green Histogram bars are fading, confirming declining interest from the buyers and a possible retracement. XRP will likely enter a downtrend in the short term. However, the $0.48 support can act as a price pivot for the asset to rally above the $0.52 resistance level. 

A break above $0.52 will see XRP rally to $0.59, with the $0.6 level as its next potential target. On the daily chart, XRP dropped into a downtrend from July 20 to August 17, with its price gains limited. Based on its past price action, it will likely repeat a similar price pattern if the crypto market rallies.

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