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Thanks to the positive prediction of the analyst EGRAG Crypto, XRP is now causing the flow in the crypto market again. He recently made an analysis that shows that the token is approaching a critical point. In the short term, prices may rise above $1.50 if they break past the Genuine Wake-Up Line (GWUL).
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Traders pay attention to key resistance levels of XRP as it reflects the cryptocurrency’s price pattern. At the beginning of November 2024, CoinCodex expects a profit of 19.57%. This shows that a significant number of market players believe that the asset will increase in value.
Resistance to the Real Rise Line
EGRAG recently released GWUL following XRP’s successful crossing of the Final Wake-Up Line, another important hurdle. Since it was established following XRP’s $1.96 high in April 2021, this new line has proven to be formidable.
The analyst points out that XRP is now on the verge of breaking this resistance level, which means that there may be a strong change in the market situation. Perhaps the token will start rallying towards $1.50 if it can close above GWUL and manage to stay above after breaking above it. Mid-term projections are even more optimistic, with targets likely to be set between $5.50 and $7.50.
#XRP Genuine Wake-Up Line (Micro Moves – Lower Time Frame) 🚨🚨🚨🚨🚨🚨🚨
🔍 A closer look at the boundaries of the GWUL (Real Line of Awakening) reveals a fierce battle ⚔️ between #Bulls 🐂 again #Bears 🐻. The action is hot, but guess what? The tide is on our side!… pic.twitter.com/QcYFFQn0vl
– EGRAG CRYPTO (@egragcrypto) October 1, 2024
EGRAG emphasizes that it is not enough to simply break through GWUL; XRP should maintain its position above this line for at least three days. This assurance is essential to establish a positive practice. Currently, XRP is trading around $0.58, which is why the next few days are very important for its price movement.
Patterns Suggest Conflict Between Bears and Bulls
On the EGRAG chart, GWUL and the yellow triangle indicate the upper limit of trading conditions, with the Atlas line supporting it. Inside the large yellow triangle, a small white triangle has also appeared, indicating the continuation of the market battle between the bulls and the bears.
The stakes are high as XRP approaches the intersection of these triangles. If investors are able to lift XRP above this triangle, it may cause a big bullish wave, thus guaranteeing a violation of GWUL.
Reaching the $1.50 level is very important, as it will conclude Wave 1 of the broader Elliott Wave pattern, according to EGRAG. In the event that XRP crosses this threshold, a Wave 2 correction may occur, leading to a drop of around $0.75 before the most important rally. This rally could eventually lead to an expected target of $7.50.
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Monitoring Support Levels
While the outlook remains positive, there is a caveat that XRP should continue to trade above its key support at $0.62. XRP is trading below this key support level now, so there is some concern about how long it might last.
Markets are cautious while waiting for events. The rest of the week will show that XRP has promise. If it stays above $0.62, the token may cause a breakout.
Featured image from SETI Institute, chart from TradingView