XRP prices have achieved great success last week as Altcoin struggled to find a local bottom. During this period, XRP 10.51 % lost its value and trading to $ 2.06. Amid this bleeding market, the famous technical analyst EGRAG Crypto has alluded to a potential upward reflection in certain circumstances.
Reflecting the head and shoulders signs of the xrp xrp levels – to watch
in X post On March 29, Egrag Crypto presented a positive look at the XRP market despite the continuous declining direction. According to the analyst, the opposite style and the developing should indicate that the fourth largest encrypted currency can be faced soon.
Reverse head and shoulders formation is a common upright reflection that indicates an imminent shift from the declining direction to the upward trend. As shown in the graph below, it consists of a decrease in a temporary price (left shoulder), followed by a recovery, deeper (head) representing the bottom, and another bounce that leads to a higher decrease (right shoulder) compared to the head.
It is worth noting that EGRAG warns that this bullish style on the daily XRP graph is definitely valid until April 20, 2025. Moreover, Bulls in the market should avoid a daily closure of less than $ 2 to maintain the ability of this positive preparation. However, the bullish reversal will not be confirmed until after decisive prices are increased above $ 2.65, which represents the neck line for the reverse head style and shoulders.
After that, XRP is likely to face some large resistance at the price area of $ 3.00. This barrier in the past must lead to an increase of about $ 3.20 -3.40 dollars, which is less described as a critical step that maintains this potential upward trend.
Price goals
According to EGRAG, the collapse of the current upward preparation should reach the conservative price goal from 3.70 to $ 3.90 and create the highest new level ever. However, a prominent altcoin can rise to about $ 4.60. At this level, the encryption analyst explains that poor prices can be determined in the proposal to distribute the investors and correct potential prices.
At the time of writing this report, XRP is trading at $ 2.18, which reflects a simple profit of 0.91 % last day. Meanwhile, the daily trading volume of assets decreased by 10.28 %, indicating a potential decline in the pressure pressure and the stability of the final prices. Meanwhile, the US Securities and Stock Exchange Committee is expected to end its long 4 -year case against Ripple in lifting a heavy organizational cloud on XRP.
Distinctive image from Outlook Business, the tradingView graph
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