Thanks to a bullish prediction by analyst EGRAG Crypto, XRP is now causing ripples in the crypto market again. He has recently done an analysis that shows the token is approaching a critical juncture. In the short term, prices may increase more than $1.50 if it can surpass the Genuine Wake-Up Line (GWUL).
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Traders pay attention to the significant resistance levels of XRP since it displays the price pattern of the cryptocurrency. By the first of November in 2024, CoinCodex anticipates a 19.57% gain. This indicates that a significant number of market players believe the asset will increase in value.
Resistance At The Genuine Wake-Up Line
EGRAG recently released the GWUL following XRP’s successful passage of the Final Wake-Up Line, another key barrier. Since its formation following XRP’s high of $1.96 in April 2021, this new line has proved to be a formidable resistance.
The analyst theorizes that XRP is now at the edge of breaking this level of resistance, meaning there could be a strong shift in market mood. Perhaps the token would start rallying towards $1.50 if it could close above the GWUL and manage to stay above after having breached above it. Mid-term projections are even more optimistic, with potential targets set between $5.50 and $7.50.
#XRP Genuine Wake-Up Line (Micro Moves – Lower Time Frame) 🚨🚨🚨🚨🚨🚨🚨
🔍 A closer look at the borders of the GWUL (Genuine Wake-Up Line) reveals an intense battle ⚔️ between the #Bulls 🐂 and #Bears 🐻. The action is heating up, but guess what? The wave count is on our side!… https://t.co/RJoVyM8RiL pic.twitter.com/QcYFFQn0vl
— EGRAG CRYPTO (@egragcrypto) October 1, 2024
EGRAG emphasizes that it is insufficient to simply barrel past the GWUL; XRP must maintain its position above this line for a minimum of three days. This confirmation is essential for the establishment of a favorable trend. At the moment, XRP is trading at approximately $0.58, which is why the next few days are so critical for its price movement.
Patterns Suggest A Conflict Between Bears And Bulls
On EGRAG’s chart, the GWUL and a yellow triangle indicate the trading conditions’ upper limit, with the Atlas Line supporting it. Within the larger yellow triangle, a smaller white triangle has also emerged, illustrating the ongoing market tug-of-war…
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