XRP Enters Demand Zone of $0.5, ‘Final Countdown to Big Blast’ Begins

XRP Enters Demand Zone of $0.5, ‘Final Countdown to Big Blast’ Begins

Time Stamp: August 18, 2023 11:20 AM
Source Node: 2220888

XRP has now slipped into a new demand zone around the $0.5 territory, as expert analyst Egrag calls attention to a final countdown before the big blast.

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In the wake of a 14% plunge over 24 hours, XRP navigates a critical juncture as it enters a new demand zone. Expert chartist Egrag has shared thought-provoking analyses of XRP’s trajectory, envisioning a major blast.

Egrag’s latest post reveals that XRP mirrors a pattern witnessed from 2014 to 2018, characterized by repeated retests of a multi-year upward trendline. 

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Notably, XRP retested the upward trendline four times from 2014 to 2017, as it continued to register higher lows. XRP last touched the trendline in late 2017, coinciding with a dip below the 21-day EMA. XRP skyrocketed afterward to the $3.31 all-time high.

Egrag believes history may repeat itself, as XRP has undergone a similar retesting phase. XRP has retested the upward trendline three times since 2020. He points out that a further dip could result in the fourth retest and culminate in a drop below the 21-day EMA.

After this, Egrag projects another massive rally he dubs “the big blast-off.” Intriguingly, he refrains from specifying an exact price target, leaving XRP investors on the edge of anticipation.

XRP Enters New Demand Zone

In an earlier analysis, the analyst emphasized the ongoing retest of a breakout from a multi-year triangle pattern. He confirmed the formation of a new demand zone on the weekly chart.

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The accompanying chart highlights the emergence of the new demand zone spanning $0.5400 to $0.5858. Notably, XRP has entered this demand zone and recently breached its lower bounds to retest the breakout of a multi-year triangle.

This new demand zone was once the supply zone. Interestingly, the new supply zone now sits around the $0.87 mark, marking a shift in sentiment and potential market dynamics.

According to Egrag, this recent shift in market dynamics presents an opportunity for accumulation. He implied that the proper positioning could yield significant gains in the foreseeable future.

The Major Macro Support

Egrag’s third analytical post introduces the concepts of MMR (Major Macro Resistant) and MMS (Major Macro Support), building on a previous analysis he carried out three months ago. 

Notably, he forecasted a major resistance target between $0.80 and $0.85 on June 22. He predicted XRP to surge to this price point but faced significant resistance at the zone. This June 22 forecast occurred nearly a month before XRP gained legal clarity.

The focus has shifted to XRP’s current position at MMS, just above the crucial $0.50 point. In the follow-up analysis, he underscored the significant support’s significance, which is a pivotal foundation for XRP’s resilience and future trends.

Despite XRP’s recent declines, Egrag underscores its interconnection with Bitcoin (BTC) and the broader liquidity ecosystem. This relationship continues to exert a defining influence on market movements.

Meanwhile, XRP continues to hold above $0.50 after recovering it today. Despite a 14% plunge over the last 24 hours, XRP trades at $0.5025 as of press time.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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