XRP is under active analysis as it approaches a trend level that previously triggered significant rallies. Analyst EGRAG CRYPTO suggests the current situation mirrors past market cycles.
XRP and its Historical Trendline
Analyst EGRAG CRYPTO claims XRP is in its third major market cycle. In 2017 and 2021, the token’s price reached a level he refers to as 'Chasm.' This line is defined by the convergence of the 21 EMA and 33 SMA on the weekly chart. EGRAG warns that if XRP does not reach this level, it may signal a deviation from the usual trend. He indicated that respecting this level could lead to a price target around $5.89.
XRP's Market Dominance Analysis
EGRAG also reviewed XRP's market dominance. He noted that the token broke out of a descending wedge, rising to 4.2% and approaching 6.5%. However, he emphasized that 10% dominance remains a crucial barrier. He outlines a potential path toward that level, although the breakthrough has not yet occurred.
What Lies Ahead for XRP
At the time of writing, XRP is trading at $3.48 after a daily dip of 0.14%. Despite short-term fluctuations, EGRAG remains focused on the broader cycle structure. He encourages holders to 'stay steady and strong,' echoing his confidence in the technical setup.
The price level near the Chasm and the 10% dominance mark will be crucial in the coming weeks. If XRP confirms the impending breakout, it could lead to significant growth similar to previously observed cycles.
