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Trader Shares the 2 Levels XRP Needs to Break Before It Can Rally

Published 05/21/2023, 08:09 AM
Updated 05/21/2023, 08:30 AM
© Reuters.  Trader Shares the 2 Levels XRP Needs to Break Before It Can Rally

  • EGRAG CRYPTO, a trader and analyst, shared what levels XRP’s price needs to break before it will rally.
  • XRP will first need to break out of the wedge chart pattern that has formed on its weekly charts, shared the trader.
  • At press time, the remittance token’s price stood at $0.4692 following a 0.89% increase in the past 24 hours.

The trader and analyst EGRAG CRYPTO shared what he believes needs to happen on Ripple’s (XRP) charts before it can rally in a tweet published earlier today. According to the post, the remittance token’s price first needs to break out above the wedge chart pattern that has formed on its weekly chart.

This comes after the level had acted as a strong resistance level over the past few months. Thereafter, he shared that XRP’s price will need to overcome $0.5574, which he labeled as a key support and resistance level on XRP’s weekly chart. Previously, XRP’s price had received support from this level, but had broken below this key price point around May of last year.

Weekly chart for XRP/USDT (Source: TradingView)

The trader predicted that it would take 3 attempts to break above this benchmark given the fact that it had taken 3 attempts to break below it last year. Should the altcoin’s price successfully flip this level, then EGRAG CRYPTO believes that it will make a move towards $1.1245.

At press time, CoinMarketCap indicated that XRP’s price stood at $0.4692 following a 0.89% increase in the past 24 hours. This positive price movement added to the altcoin’s already-positive weekly performance – taking the total gain for the past 7 days to 9.97%.

In addition to strengthening against the dollar, XRP also printed gains against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. As a result, XRP was up 0.35% against BTC and 0.89% against ETH.

XRP’s recent price movement elevated its market cap to $24,316,532,279,342 – ranking it as the 6th biggest crypto project in the crypto space. Ranked 1 position above XRP was USD Coin (USDC) with its market cap of $29,553,604,069. Meanwhile, Dogecoin (DOGE) occupied the 8th position with an estimated market cap of $10,264,302,167.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Trader Shares the 2 Levels XRP Needs to Break Before It Can Rally appeared first on Coin Edition.

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