A prominent and professional crypto analyst examined the odds around the XRP price as it journeys toward $1.98. The notable market watcher EGRAG mentioned that XRP must defend the $0.55 critical level dubbed “Val Hell” for effective transition.
Analyst Revealed How XRP Formed A Descending Channel
In a recent analysis of XRP’s price pattern, EGRAG revealed the critical defense price zone for the asset. The analyst laid out the information through a post that supported his previous intels about XRP.
EGRAG’s past analysis focused on the short-term price predictions for XRP.
#XRP Short-Term: Defending Val Hell’s Gates
Check the Post From 30th of August 2023 https://t.co/GyNXNcyQb1
At the Fib 0.382 (0.60c), the battleground was set, and the #Bulls rallied. Their active presence, evidenced by the upward wick, reflected a robust effort in scooping… pic.twitter.com/DragdXEMcx
— EGRAG CRYPTO (@egragcrypto) November 15, 2023
The analyst considered how the token would react based on the interactions between the bulls and bears to set the dominants. Through its trends in August, XRP’s price hovered at around $0.5346 in the crypto market.
This level served as a corrective flow after hitting $0.9380 on July 13, triggered by Ripple’s partial win over the US SEC.
According to EGRAG, XRP’s drop to $0.53 reflected its decline below a certain downward channel, which emerged as the token dipped from its July peak. He believed that the $0.53 zone now represents XRP’s bottom in its price trend.
However, it left a gap with an emphasis that the trend could not be a certainty. A confirmation would only come if XRP dips toward the down channel in the future but closes with a higher price range between $0.60 and $0.67.
Based on EGRAG’s analysis, XRP has been fiercely defending the price region between $0.45 and $0.55. In the trend, the bulls and bears have indicated equality against each other’s forces and pressure.
Moreover, XRP recorded a notable surge this month as it hit a closing price of $0.71 on November 6. Though the token saw outstanding gains within a few days, the trend is gradually fading through the general market correction.
Recent Price Trend For XRP
In a recent analysis, EGRAG highlighted XRP’s gradual slip in value. According to his chart, XRP has re-entered the descending channel but scaled above its critical point through its new price rally.
As the price maintained a progressive surge, XRP rose above a pivotal price level of $0.6003, stationed at Fib. 0.382. Through a brief price correction, Ripple returned to the level.
The bulls put up a higher momentum, bringing a slight recovery taking XRP to the $0.6353 present price range.
Further, EGRAG noted that Ripple is still facing huge threats from the bears as they try to break beneath the $0.60 zone. Such a move would push XRP to a position the analyst referred to as the Val Hell Gates. EGRAG highlighted that the Val Hell gate revolves around $0.55.
If Ripple falls below the level, it could trigger a significant price drop for the asset. Meanwhile, as of 08:30 AM EST on November 15, XRP trades at $0.6366, indicating a 3.44% drop over the past 24 hours. Also, its 24-hour trading volume plummeted by 43.86% to hit $1.96 billion.