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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

XRP Price Gears Up For ‘Significant Upswing Soon’: Crypto Analyst

Jake Simmons
Jake Simmons
1 year ago
2 mins read

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The XRP price fell sharply yesterday as a result of Bitcoin’s flash crash, as did the entire altcoin market. The price briefly fell by 21% yesterday, plummeting from around $0.64 to $0.505. Although the price was still able to recover above the 200-day exponential moving average (EMA) in the 1-day chart at $0.5712 by daily close, it is still down around 10% compared to yesterday’s high.

Nevertheless, crypto analyst Egrag Crypto remains bullish and was able to take some good out of yesterday’s crash. In his latest analysis of the 1-day XRP/USD chart, Egrag highlighted that the XRP price is in a preparation phase for an upswing. Egrag’s chart presented on X provides insights into the XRP’s current position and potential future movements.

XRP price analysis
XRP price analysis | Source: X @egragcrypto

XRP Price Gearing Up For An Upswing Soon?

Egrag’s analysis starts by revisiting the August scenario where XRP touched the lower boundary of its ascending channel amidst a massive liquidation in the crypto space amounting to $1 billion. Fast-forwarding to the present, XRP is once again at this critical juncture with a similar scale of liquidation occurring yesterday.

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“Now, after five months, it’s revisiting that zone with another aggressive $1 billion liquidation,” Egrag notes. Remarkably, the XRP bulls defended once again the lower trendline of the ascending channel which was established in May last year.

The XRP bulls‘ steadfast buying represents a strong bullish signal, particularly as they have maintained the price above the so-called “Val Hell Line” at approximately $0.55. Egrag identified this line as the most crucial support line.

A fall below this level with the daily candle close could have signaled the beginning of a downward trend. But despite the market’s upheaval, Egrag highlights the bullish sentiment by noting, “Surprisingly, the XRP bulls have staunchly defended this channel, buying into the dip as if there’s no stopping them.”

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Moreover, Egrag emphasized that another retest was pretty “standard market behavior” within the broader context. He views this retest as a potential consolidation phase, potentially building up to an upswing. “The bulls managed to triumph over the Val Hell Line, avoiding a daily candle close below it,” Egrag remarked.

Price Levels To Watch

Egrag’s chart also features Fibonacci retracement levels, particularly highlighting the 0.702 level at about $1.1096 and the 0.5 level at approximately $0.7529. Traders traditionally use these levels to gauge potential support and resistance zones, and Egrag’s chart indicates that these levels are important to monitor for the XRP price action.

The 0.702 Fib level could remarkably coincide with a breakout from the trend channel if the price reaches the level between April and May. In conclusion, the crypto analyst confidently states, “Personally, I’m increasingly confident that we’re gearing up for a significant upswing very soon. #XRPArmy, keeping an eye on the broader channel perspective keeps me calm and steady, cool and ready.”

At press time, XRP traded at $0.5791.

XRP price
XRP closed above the 200-day EMA yesterday, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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