As the crypto markets continue to oscillate, all eyes are on XRP’s performance in the short term. A recent update from analyst EGRAG CRYPTO has dissected the crucial role of Descending Trend Line ‘A’ in determining whether XRP’s future is bullish or bearish. The report comes after a September 4 analysis that had already set the stage for potential market movements.
#XRP Short Term Analysis-Daily TF (UPDATE):
— EGRAG CRYPTO (@egragcrypto) September 15, 2023
📉📊 Check out the September 4th, 2023 post on @egragcrypto to see how the DTL 'A' (Descending Trend Line) is acting as a strong resistance level! https://t.co/yVUUEG55AN
A) DTL 'A' (Descending Trend Line) is a key indicator,… pic.twitter.com/MWkBjXJovY
Investors and traders have often looked at trend lines to gauge the market direction. According to the latest report from EGRAG CRYPTO, the Descending Trend Line ‘A’ is a critical factor in XRP’s price trajectory.
As a dynamic resistance barrier, this trend line substantially impacts investor sentiment. Specifically, unless the bulls close a daily candle above this pivotal level, the market will likely see any bullish momentum soon.
The new analysis echoes the sentiments shared in the early September report by emphasizing lower price targets at 0.43c and 0.35c. The idea of a ‘shakeout’ before a bullish trend continues to hover in market discussions. However, if the Descending Trend Line ‘A’ continues to act as a formidable resistance, these lower targets may not be mere speculation but a potential reality.
According to the report, breaking past Descending Trend Line ‘A’ is the key to a rosy outlook. In this bullish scenario, XRP must surge beyond another resistance level, Descending Trend Line ‘B’, specifically above the 0.65c-0.67c range. The much-anticipated ascent to the $1 mark could be straightforward if these conditions are met.
As of the latest update, XRP is trading at $0.495864 with a 24-hour trading volume of nearly $897 million. Its market cap stands at approximately $26.4 billion, maintaining its rank at 5 on CoinMarketCap. With a circulating supply of 53,175,400,720 XRP coins and a max supply of 100 billion, XRP is up 3.12% in the last 24 hours.
