In a notable turn of events, XRP has broken free from a multi-month trend line and successfully retested the breakout according to a tweet by EGRAG CRYPTO crypto analysts, potentially setting the stage for a significant upward push. However, the path ahead is not without its challenges, with the Value Area High (VAH) at approximately $0.55 serving as a formidable resistance level.
#XRP Weekly VPVR ( Volume Profile Visible Range):
— EGRAG CRYPTO (@egragcrypto) October 5, 2023
Value Area High (VAH) represents the highest price within the 70% total value area, while the Low-Value Area (VAL) marks the lowest price within this range.
To me, it's crystal clear: #XRP has broken out of a multi-month trend… https://t.co/7qtxPNoVuu pic.twitter.com/7g16Vkci8f
To understand the significance of the VAH, it’s essential to recognize that it represents the highest price within the 70% total value area, while the Low-Value Area (VAL) marks the lowest price within this range. These levels are pivotal in establishing support and resistance zones that are closely watched by traders and analysts.
For XRP to embark on a solid long-term trajectory, it is imperative that it constructs a robust foundation above the VAH. Beyond this, the closure of weekly candles above the $1 mark carries both structural and psychological weight, serving as a milestone in XRP’s journey.
Adding to the complexity of XRP’s path, a conspicuous yellow trend line on the chart is expected to present formidable resistance in the future. It’s a reminder that time is of the essence, and the longer it takes for XRP to build this foundation, the greater the potential for attaining higher value levels, ultimately surmounting what’s being referred to as the Next Macro Resistance.
The XRPArmy, the passionate community surrounding XRP, remains steadfast, emphasizing the importance of stability in price movements. It’s worth noting that the next time XRP closes above $1 could mark a significant turning point, potentially signaling the end of XRP trading below this threshold on a monthly basis.
The battle between bulls and bears is a constant theme in the cryptocurrency market. The Point of Control (POC) at $0.30-0.35 serves as a robust support level, currently influencing price dynamics. Furthermore, the VAH at $0.58 and VAL at $0.17 delineate the upper and lower boundaries of the Value Area.Achieving a close above $0.58 would represent an open high, triggering FOMO (Fear of Missing Out) sentiment that could propel XRP to new, rocket-like price levels.
Recent price action has seen XRP trading around $0.52, having breached a symmetrical triangle pattern on September 29th. Bulls have demonstrated resilience, thwarting bearish attempts to pull the price back into the triangle.
The immediate challenge for XRP lies at the $0.56 resistance level. A successful breach here could mark the beginning of a new uptrend, setting the stage for a potential journey towards the $0.66 pattern target.
Conversely, a reversal from $0.56, accompanied by a dip below the uptrend line, would suggest profit-taking by the bulls, potentially leading to a range-bound scenario between $0.56 and $0.41 in the days to come.
The cryptocurrency market eagerly awaits the outcome of these pivotal levels, which will likely determine XRP’s trajectory in the near future. The battle between bulls and bears rages on, and XRP enthusiasts remain vigilant, ready to witness the next chapter in its exciting journey.
