XRP Price Correction Is Over, Targets Set By Top Crypto Analysts
20 Novembre 2023 - 9:00AM
NEWSBTC
The XRP price has risen by around 6% in the past three days,
triggering renewed optimism among investors and analysts. The two
analysts Dark Defender and Egrag see the current trend as a turning
point. XRP Price Correction Over? Dark Defender has highlighted a
key development in the 4-hour time frame, observing the end of a
corrective structure and identifying that XRP has reached an
oversold area. “We can expect a move to $0.6649 first,” Dark
Defender stated, referencing the Fibonacci retracement levels and a
5 Wave Elliott structure that remains intact, suggesting upward
potential. Related Reading: Crypto Analyst: XRP Price Enters DCA
Range, Suggests Buying Opportunity This is supported by the chart
that shows XRP has managed to close above a critical level at
$0.6131, which aligns with the Elliott Wave Theory’s rules for wave
structures. The analyst further emphasized that the $0.87-$1.05
price target is still achievable in the near term if weekly closes
maintain above the $0.6131 threshold. Egrag’s analysis focuses on
the gaussian channel and a symmetrical triangle pattern (in the
5-day chart), which are indicative of consolidating markets leading
to a potential breakout. According to Egrag, “XRP Gaussian Channel
& Symmetrical Triangle Unveil (Strong Support and Resistance
Patterns): Within the framework of the Gaussian Channel, the
alignment of support and resistance price targets mirrors other
charts, adding weight to their significance.” Related Reading:
XRP’s Triple-Digit Forecast: Top Advocate Casts Doubts On Dream
Valuation The provided chart by Egrag points to a “robust support”
at $0.50, with additional support levels at $0.54-$0.55 (“support
range”) and $0.60 (“support threshold”). The resistance levels are
identified by Egrag at a macro resistance point and a symmetrical
triangle trend line between $0.83 and $0.85. Egrag advises the XRP
community to remain steadfast, saying, “XRP Army STAY STEADY,
anticipate the forthcoming mega pump, yet exercise caution by
strategically allocating portions of your holdings.” Combining
these technical analyses, it’s clear that both analysts are
pinpointing a convergence of technical indicators suggesting a
bullish reversal for XRP. Dark Defender’s chart analysis, with its
emphasis on Elliott Wave continuation, and Egrag’s identification
of Gaussian Channel patterns, both point to a potential increase in
the price, provided it remains above certain support levels. Price
Analysis: 1-Day Chart The analysis of the 1-day chart of XRP using
the Fibonacci retracement level shows that the price is facing
strong resistance in the short term. At the current price of
$0.6194, XRP is just below the 0.382 Fibonacci retracement level at
$0.627 and below the 20-day Exponential Moving Average (EMA) at
$0.625. The confluence of these two indicators represents
significant resistance in the short term. Remarkably, XRP has
received important support at the 50-day EMA at $0.591, which could
allow the bulls to regain the upper hand. For this to happen,
however, resistance at $0.625 needs to be broken. The next price
targets could then be the 0.5 Fibonacci retracement level at $0.688
and the 0.618 Fibonacci retracement level at $0.759, which abruptly
halted the upward movement that began in early October and ushered
in the current consolidation. Featured image from Shutterstock,
chart from TradingView.com
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