Crypto Analyst: XRP Price Enters DCA Range, Suggests Buying Opportunity
17 Novembre 2023 - 2:15PM
NEWSBTC
The XRP price has entered what is regarded as the Dollar Cost
Averaging (DCA) ranging zone, according to crypto analyst Egrag.
While the digital asset’s price oscillates within a critical zone,
the analyst maintains a bullish stance on its future trajectory.
XRP Price Enters DCA Zone Egrag stated via a post on X, “XRP Color
Code (Update): My Stance Forged in the Fires of Conviction: Let me
say it 1 million times that I’m still bullish AF, so ease up on the
DMs assuming I’ve switched my stance. Remember, markets move in
waves, and I’m here to present the short-term moves because, let’s
face it, 80% want to reach Valhalla without dying.” The analyst’s
latest technical analysis reveals that the previous support level
at $0.66 proved to be weaker than anticipated, leading to a shift
in the XRP price’s movement into a ranging zone. “$0.66 wasn’t a
solid support, as I’ve mentioned before. XRP is in the ‘ranging’
zone, so the DCA opportunity is open,” Egrag stated. Related
Reading: Ripple Introduces AMMs To XRPL, But Is This Good Or Bad
For XRP Price The analyst’s chart exhibits a descending triangle
pattern breaking downwards, indicating potential bearishness in the
short term. However, Egrag highlights the importance of the $0.50
mark as a “robust support.” He asserts that the price “won’t dip
below $0.50—it’s a pivotal price point.” The above 1-hour chart
shows that the price has now been rejected several times at the
falling (red) trend line. If this momentum is maintained, XRP could
drop further and could find first support near $0.57. If this
support also breaks, the $0.51 mark could be the most crucial
turning point. For Egrag, the zone between $0.5738 and $0.5119 is
the “wicking” zone, meaning that the price could swiftly dip into
this zone. However, if the price drops below $0.5119, it would
enter the “red flag” zone of Egrag’s chart, potentially
invalidating the entire prediction. The Fibonacci retracement
levels on Egrag’s 3-day chart suggest significant resistance and
support zones. The 0.236 level at approximately $0.7409 and the
0.382 level at about $0.6432 may act as resistance in a bullish
scenario, while the 0.5 level at $0.5738 and the 0.618 level at
$0.5119 could provide support if bearish momentum continues.
Related Reading: Wall Street Expert Predicts Ripple IPO Date
Notably, Egrag’s commentary doesn’t shy away from conviction, “XRP
is transforming the way value moves in this digital age. So, it’s
crucial to understand what you hodl. Otherwise, I might have to
break out the block button for those not willing to learn on how
markets move and what XRP or XRPL is achieving. I’m staying true to
my beliefs, and if that’s not your vibe, it’s cool to step away
from following me.” Criticism For ‘Stubborn View’ Despite facing
criticism from a user comparing the XRP price performance to that
of other cryptocurrencies like Solana (SOL) and Chainlink (LINK),
Egrag defended the long-term vision for XRP, highlighting its value
proposition. He responded, “Appreciate your input, but I’m not
pursuing 300% or 500% gains in projects I lack conviction in. My
focus is on generational wealth. Imagine understanding gold will
reach $2000, and having the chance to acquire it at $0.5.” The
critic replied, “XRP holders are not diamond hands.. Just very
stubborn people hoping to be able to sell it at the price they
bought. Be happy if it reaches 1$ again.” Undeterred, Egrag
concluded, “Indeed, TESLA investors weren’t stubborn; they
envisioned the future. The same principle applies to FANGMAN
companies. Bookmark this: XRP, the first digital asset with
regulatory clarity, and anticipate Ripple, as a company, surpassing
the collective value of the FANGMAN entities.” At press time, XRP
traded at $0.6118. Featured image from iStock, chart from
TradingView.com
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