Recent technical analysis of XRP by analyst Egrag Crypto highlights strong signals such as the formation of a double bottom on charts and key support and resistance levels.
Double Bottom Formation at $2.3126
According to Egrag Crypto's analysis, XRP has formed a double bottom at approximately $2.3126. The cryptocurrency is currently indicating strength above a key descending trend line, which is interpreted as a sign of resilience.
Key Trading Zone Between $2.30 and $2.62
The analysis shows that XRP is moving within a defined zone between the Fibonacci 0.888 levels of $2.30 and $2.62. This area is marked by the analyst as a 'micro noise' region where short-term price fluctuations are taking place. The current price of XRP is $2.3845 according to the 12-hour chart on Poloniex.
Bullish and Bearish Price Forecasts
The analysis outlines two potential scenarios for XRP's movement. The bullish scenario anticipates a breakout above the descending trend line, potentially targeting levels at $2.6194 and $3.1047. Conversely, the bearish scenario suggests a drop towards the level of $1.6126, indicating a possible deeper correction. Despite the potential fluctuations, the analyst encourages the XRP community to remain confident in the long-term outlook.
Egrag Crypto's analysis of XRP emphasizes the importance of support and resistance levels for the current price movement, leaving both bullish and bearish scenarios on the table.
