Prominent market watcher EGRAG believes XRP needs to defend against a drop below $0.55, a level he dubs “Val Hell” gates, on its journey to the $1.98 territory.
EGRAG disclosed this in a recent analysis of XRP’s movements, building on a previous post he made about the asset’s price action. In his previous analysis, the skilled chartist examined the short-term outlook of XRP, as the bulls and bears battled for supremacy.
As of August, XRP changed hands at $0.5346 following the correction from the July 13 high of $0.9380. With the drop to the $0.53 price level, EGRAG noted that XRP had plummeted below a particular descending channel that formed as the asset dropped from the July high.
The analyst asserted that the drop to $0.53 marked XRP’s bottom. However, he subtly emphasized that this was not a certainty, noting that a confirmation of this assertion would come up if XRP re-enter the descending channel and close above the price range of $0.60 and $0.67.
Following EGRAG’s analysis, XRP continued to consolidate between $0.45 and $0.55, with the bears and bulls matching each other’s momentum. XRP witnessed a breakthrough this month, closing above $0.71 on Nov. 6. The asset registered impressive gains, but is now facing a correction.
XRP Latest Movements
EGRAG’s latest analysis calls attention to the declining value. Data from his chart confirmed that XRP had already re-entered the descending channel and towered above it amid the latest rally. As the rally progressed, XRP broke above a pivotal price level of $0.6003, stationed at Fib. 0.382.
XRP 1D Chart | EGRAG Crypto
Nonetheless, the ensuing correction briefly brought XRP back to this level. The bulls mounted a comeback, leading to a mild recovery which has taken XRP to its current value of $0.6353. However, EGRAG acknowledged that the bears are threatening to break below the $0.60 level and push XRP to a region he calls the Val Hell gates.
The Val Hell gate rests at the $0.55 level. A breach below this level could lead to further drops for XRP. EGRAG stressed that the asset needs to hold strong and record a comfortable daily close above the level of interest. Meanwhile, XRP currently faces a 5.41% decline in 24 hours, with a volume of $2,125,362,588.
XRP 1W Chart | EGRAG Crypto
However, EGRAG’s chart suggests that XRP trades within a multi-year ascending channel. The trajectory of the channel leads to a $1.9869 price for XRP. The last time XRP saw this price territory was during the meteoric surge in April 2021.
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