XRP appears to be on the cusp of a significant bullish breakout, potentially paving the way for its most substantial upward movement yet. This increase could mirror XRP’s previous activities, according to Egrag Crypto’s report, which he calls the “First Drop” phase. The approach identifies the current price behavior, key support and resistance levels, and the scenario for a price increase that may push XRP to new levels of resistance. The chart at the center of the analysis reports $0.702 as a significant area of resistance and $6.88 as possible target should the crypto head into a new upswing as it happened before.
#XRP FIRST DROP 🔥- EPIC DROP ⚡️:
— EGRAG CRYPTO (@egragcrypto) October 10, 2024
🚨 ARE YOU READY? 🚨
The moment we've all been waiting for is HERE! ⏳
This is just the beginning… 💥
Get ready for the ride of your life as #XRP gears up for something MASSIVE! 🚀
Don’t blink 👀 or you might miss it! ⏩#XRPArmy STAY… pic.twitter.com/SA4BYCZJIc
Key Resistance and Support Levels
Egrag Crypto’s chart emphasizes major resistance and support levels that have historically influenced XRP’s price action. A critical resistance level of around $1.97 is identified, where XRP has faced multiple rejections.
On the support side, notable levels include $0.07 and a key support at $0.02. The presence of these horizontal lines suggests that these points act as psychological barriers where the market often reverses or bounces.
Ripple Vs. SEC: Institutions Eye XRP Amid Legal Uncertainty“First Drop” and Historical Patterns
The analysis draws a parallel between current price action and previous significant corrections in XRP’s history. Specifically, Egrag Crypto notes that XRP experienced a rise from its lows in 2016-2017, where it fell to as low as $0.0022. The current analysis suggests that XRP could be preparing for a similar upward move, with the “First Drop” phase pointing to a potential rise toward the $3.5 support level. A large green arrow on the chart indicates this possible rise.
The historical rise, marked with blue and green circles, suggests that XRP could be repeating this pattern. Notably, the analysis suggests that breaking above the current price might lead XRP toward the target zone.
During this press, XRP is valued at $0.5266, with its 24 hours trade volume of $965,109,922. Although it has seen a -0.92% change in price in the last 24 hours, it has gained a 1.24% value within the week. Currently, XRP has 57,000,000,000 tokens in circulation which puts its market capitalization at $29,831,706,439.
