2023-11-23 16:19 |
Upon exiting the present-ranging market, stakes are high for XRP to soar past the $0.90 price level to $1.
Crypto trader Be’lakor called out this development on X, formerly Twitter, and stated, “XRP flag formation seems to be forming. The formation target coincides with the fibo resistance, at 0.90 USD. They may want to run the formation above 0.67.”
Based on this analysis, XRP must reclaim $0.67 to validate the formation. Based on the market valuation, the fifth largest crypto is already experiencing a pennant pattern, which could depict impending bullish momentum.
Taking the shape of a tiny symmetrical triangle, a pennant illustrates a continuing trend in the short term because of the presence of a brief consolidation, given that the underlying trend is expected to resume.
Demystifying XRP’s Significant Support and Resistance LevelsWith Changpeng Zhao (CZ) stepping down as Binance CEO as part of a settlement with the U.S. Department of Justice that will see the world’s leading crypto exchange pay a fine worth $4.3 billion, the cryptocurrency market has shed some value.
For instance, XRP was down by 3.4% in the last 48 hours to hit $0.589 at press time, according to CoinGecko data.
Borrowing a leaf from the Gaussian Channel and Symmetrical Triangle formations, leading analyst EGRAG CRYPTO has highlighted the key support and resistance levels that should be given a key eye.
Source: EGRAG CRYPTOTaking on X, the analyst pointed out, “Notable Support Levels: Robust Support: $0.50, Firm Support Range: $0.54 – $0.55, Support Threshold: $0.60.”
EGRAG CRYPTO added that major resistance was at the $0.83 to $0.85 zone based on the Symmetrical Triangle barrier.
With XRP dropping below the critical support of $0.60, caution shouldn’t be thrown to the wind as this could heighten selling pressure since the next support level sits at $0.54 to $0.55 based on EGRAG CRYPTO’s analysis.
Nevertheless, the analyst highlighted that a mega pump was on the horizon, and this could play an instrumental role in validating Be’lakor evaluation that XRP was destined for the $0.90 zone.
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