Crypto analyst Egrag Crypto released an update on the technical analysis of XRP, indicating the achievement of a critical resistance level and the asset's further prospects.
Technical Analysis of XRP
According to Egrag Crypto, XRP has reached a crucial resistance zone identified as the 'Heavy Demand Zone.' The analysis shows that the asset has broken out of a prolonged consolidation period within a well-defined range. This breakout occurred after XRP held firm above the $2.08 level, which Egrag had earlier marked as a significant support point.
Support Formation and Warning
The analyst emphasizes that the primary focus now will be on identifying where new support levels will form. Higher support levels will indicate market strength and potential for further upward movement. However, Egrag warns that a 'throwback' – a retest of previous resistance to confirm it as support – remains a possibility in the coming days. This would be a natural technical step in determining whether the breakout is sustainable.
Forecasting the Valhalla Phase
The most optimistic scenario described by Egrag involves continued surge beyond the green 'Heavy Demand Zone,' leading to what he referred to as the 'Valhalla Phase.' This area sits above the $3.30 level, which has not been seen since XRP's major peaks. A break above this resistance could indicate entry into a longer-term bullish phase for the asset. However, Egrag noted that the journey into this phase hinges on holding current levels and further confirmation through price behavior in the coming days.
The next few trading sessions will be pivotal in determining whether this upward move can be sustained. Investors are advised to keep a close watch on support levels and potential retests.
