Here’s the Projected Price Trajectory
XRP could see its price increase to $27 as EGRAG, a prominent market analyst, recently projected a price trajectory along which the asset could sail towards the ambitious price target.
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EGRAG’s analysis revolves around the upcoming month-end closing. He emphasized the enormous importance of the month-end closing in determining The trajectory of XRP.
Meaning of the monthly closing
The analyst introduced two contrasting scenarios. These scenarios provide market participants with extensive prospects for both bullish and bearish possibilities.
On the bearish side, EGRAG warns that XRP is subtly on the edge of the Fibonacci level of 0.5. Currently the Fib. 0.5 area is at the $0.6069 price area.
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According to him, if November ends below this critical level, accompanied by a bearish candle formation, XRP could face a potential drift into what he calls the “yellow triangle area.” This zone is below the price level of $0.60which means a precarious position for XRP.
Conversely, the bullish outlook offers a hopeful scenario. If XRP manages to secure this month’s close above the Fib 0.5 level ($0.6069), specifically trading in the $0.60 and $0.61 range, it would mark the first bullish monthly candle close in mark an upward trend.
EGRAG revealed that previous monthly closures occurred on a downward trend. He further made connections to historical patterns, pointing out the notable events of the December 2017 candlestick peak and the April 2021 bull run candlestick.
According to EGRAG, the closure above Fib 0.5 lays the foundation for a new phase The price trajectory of XRP. Since previous closures have been on a downward trend, this impending shift signals a departure from those familiar areas.
XRP targets $27
EGRAG uses the metaphor of building a tower to illustrate the process. According to him, establishing new price ranges, like building a tower, takes time and often remains invisible to the public eye.
The analyst turned to the XRP community and noted that the predicted price of $27 would serve as the solid foundation on which future prices will form. At XRP’s current price of $0.6220, even the $27 target is an ambitious goal.
To reach this point, XRP would need to rise 4,240% from its current value. Furthermore, data from the EGRAG chart confirms that XRP must overcome several resistance points before reaching this price. One of those resistors is located at the Fib. 1 level currently at $3.3258.
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This article is originally composed on: 2023-11-20 13:53:37. Discover more information on this page: thecryptobasic.com.
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