Thanks to a bullish prediction by analyst EGRAG Crypto, XRP is now causing ripples in the crypto market again. He has recently done an analysis that shows the token is approaching a critical juncture. In the short term, prices may increase more than $1.50 if it can surpass the Genuine Wake-Up Line (GWUL).
Traders pay attention to the significant resistance levels of XRP since it displays the price pattern of the cryptocurrency. By the first of November in 2024, CoinCodex anticipates a 19.57% gain. This indicates that a significant number of market players believe the asset will increase in value.
EGRAG recently released the GWUL following XRP’s successful passage of the Final Wake-Up Line, another key barrier. Since its formation following XRP’s high of $1.96 in April 2021, this new line has proved to be a formidable resistance. The analyst theorizes that XRP is now at the edge of breaking this level of resistance, meaning there could be a strong shift in market mood.
Mid-term projections are even more optimistic, with potential targets set between $5.50 and $7.50. EGRAG emphasizes that it is insufficient to simply barrel past the GWUL; XRP must maintain its position above this line for a minimum of three days. This confirmation is essential for the establishment of a favorable trend.
Patterns suggest the current conflict between Bears and Bulls. If investors are able to elevate XRP above this triangle, it could trigger a substantial bullish wave, thereby verifying the breach of the GWUL.
Monitoring support levels is crucial, as XRP needs to remain above $0.62 to continue its bullish path. The rest of the week will show if XRP has promise. If it stays over $0.62, the token may spark a breakout.
