XRP Price Flashing Bullish Signals for the First Time In 18 Months-Will it Reach $1 Now?
XRP price underwent a notable upswing in recent items which were fueled by the rumors of the Ripple vs SEC case being settled on paper. The price soared high to hit $0.45 and reached very close to $0.5. Woefully, the bears quickly jumped in action but failed to drag the price below $0.4. However, the price appears to have awakened after quite a long time and hence may lay down a significant upswing soon.
According to a crypto analyst and a veteran trader Egrag Crypto, the XRP’s price is a ‘sloping’ wake-up line sitting around the $0.38 price range and a close above this range may spark a notable rally towards the north.
#XRP Weekly Wake Up Line:— EGRAG CRYPTO (@egragcrypto) March 24, 2023
Closing this weekly candle with full body above "Wake up line" will be the first weekly candle close since April 2021.
In 2D days & 18 Hours we will have an answer of this weekly candle close. https://t.co/UOupsaQgw7 pic.twitter.com/mu8FFNmDpA
Egrag’s analysis considers a sloping wake-up line that has been cleared by the latest weekly candle of XRP. It flashes a massive bullish flag as the price has marked a notable upswing after 100 weeks ever since the token collapsed from the local top of $1.83 in April 2021. Although the price attempted to recover the losses, yet experienced a series of rejections.
Besides, the XRP price is closely following the BTC price trend and hence may trigger a notable rebound in the coming days.
It is quite evident that XRP is overdue to gain some ground on BTC and considering the past scenarios, it can be determined that the price may soon begin with a healthy upswing. However, like the recent price action where-in the bears quickly jumped in and slashed the price lower, a similar action may also be expected in the coming days and hence a close observation of the events that impact the XRP price needs to be closely monitored.