Crypto Analyst Tips XRP to Climb to $0.60 After Surpassing Major Resistance Level
Top crypto analyst EGRAG believes XRP is poised to attain the $0.6 level when it overcomes the $0.55 resistance level.According to EGRAG's analysis, this is possible since XRP has broken above a multi-month downtrend. However, he believes that two descending trendlines limit XRP's price gains.
EGRAG Highlights XRP's Attempt to Break Above Descending Trendline#XRP Short Term Analysis - Dangles & Bangs (UPDATE):#XRP BANGES THE DTL 'A':#XRP is making a powerful move, piercing through the DTL 'A' level. This is a significant shift indeed but I believe it will meet strong resistance around 0.55c. However, if it manages to eclipse this... https://t.co/bYkswNyCJe pic.twitter.com/2f9oJzjA8V
- EGRAG CRYPTO (@egragcrypto) September 20, 2023
Crypto analyst EGRAG, in a Tweet, provided a short-term analysis of the Ripple Coin's price moves. According to the analyst, XRP is making a powerful move testing the Descending Trend Line A.'EGRAG believes this to be a major shift for XRP, noting that the asset will encounter strong resistance around $0.55.
However, if XRP overcomes this range, it will soar, aligning to the 0.382 Fibonacci level ($0.60).Furthermore, EGRAG said the Descending Trend Line A' strongly resists XRP's price ascent. Also, he noted that a drop below this level might force XRP to decline to $0.43.
Nevertheless, he stated that XRP will eventually outshine other cryptocurrencies regardless of whether it overcomes the trendline resistance. The analyst urged investors to hold positions steady as he sees a potential breakout ahead for the token.
Moreover, the legal battle between Ripple Labs and the SEC will likely play a vital role in its price action.Meanwhile, Ripple is seriously exploring crypto-friendly jurisdictions to expand its business. According to a Bloomberg report, Ripple Labs stated that over 80% of its hiring this year will be outside the U.S.
Ripple CEO Brad Garlinghouse says over 80% of hiring this year will be outside US, where the crypto payments company is embroiled in a long-running legal dispute with the SEC https://t.co/BqKGTRFK95 pic.twitter.com/nZJyMMBvpY
- Bloomberg Crypto (@crypto) September 13, 2023
Addressing the report, Ripple Labs's CEO Brad Garlinghouse stated that regions such as Singapore, the U.K., and Dubai are crypto-compliant.Therefore, Ripple Labs will focus on these areas and other markets outside the U.S. to expand their operations. However, on the daily chart, XRP faces resistance and a possible short-term decline.
XRP's Price Outlook Today
XRP is in the upper region of the Donchian Channel (D.C.) but encountered stiff resistance at $0.52.The selling pressure at $0.52 has forced the asset to drop to the $0.48 support level. Also, the Relative Strength Index (RSI) at 45.6, approaching the oversold area, confirms a price decline for the asset.
XRP rallied between September 12-20 before the decline today due to pressure from sellers.Also, the Moving Average Convergence/Divergence (MACD) shows a decline in the buy signal and will likely drop below its signal line.
Furthermore, the green Histogram bars are fading, confirming declining interest from the buyers and a possible retracement.XRP will likely enter a downtrend in the short term. However, the $0.48 support can act as a price pivot for the asset to rally above the $0.52 resistance level.
A break above $0.52 will see XRP rally to $0.59, with the $0.6 level as its next potential target.On the daily chart, XRP dropped into a downtrend from July 20 to August 17, with its price gains limited. Based on its past price action, it will likely repeat a similar price pattern if the crypto market rallies.
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