Renowned analyst and trader Egrag Crypto shared an analysis of XRP's price action on a 3-month chart, noting the long-term strength of the cryptocurrency.
Bifrost Bridge Supports XRP
In his tweet, Egrag Crypto emphasized the significance of the Bifrost Bridge line on the 3-month chart, which has acted as strong support for XRP for over 2,650 days. The analyst noted that the XRP price hasn't closed significantly below this line, suggesting that the upward trajectory remains intact.
XRP's Uptrend Since 2017
According to Egrag Crypto's analysis, XRP has been trending upward since April 2017, following a significant price breakthrough. Over more than 2,600 days, the cryptocurrency has continued to trade above the key level of $0.28, confirming the robustness of its upward trend.
Key Support Level at $0.28
The $0.28 support level plays a crucial role in Egrag Crypto's analysis. As long as this level remains unbroken, the market structure stays stable. This indicates that XRP is well-positioned for future price rallies.
Egrag Crypto's analysis confirms that the Bifrost Bridge key support level continues to hold XRP, indicating an ongoing bullish trend for the cryptocurrency. This suggests potential future price increases for XRP as long as the $0.28 level is maintained.
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