Popular crypto analyst EGRAG CRYPTO shares insights on XRP's price movement, emphasizing the importance of keeping the asset below the 21-week EMA.
Significance of the Inverted Hammer
EGRAG CRYPTO's analysis focuses on the inverted hammer pattern, which often indicates a potential trend reversal. The analyst compared the current candle to a previous candle from late 2024, which preceded a 500% surge in the asset’s price between November and January. Support is noted in the $1.85-$2 range, with XRP trading around $2.1456.
Waiting for a Precise Technical Setup
EGRAG CRYPTO emphasizes that short-term consolidation may lead to an ideal technical setup. He mentioned the possibility of a 1000% surge from a similar pattern. The long-term chart shows a breakout from a triangle formation that occurred in late 2024, with XRP trading above the breakout zone.
Looking Ahead to July
The analyst also points to the potential for upward movement in the coming months, indicating a possible 'cycle top' by July 21. He expects that if the current candle closes in an inverted hammer formation, it might precede a breakout or strong bullish continuation.
EGRAG CRYPTO stresses the importance of monitoring XRP's movement within the context of long-term trends and technical patterns, which may lead to significant changes in the future.
