XRP is Under Pressure From a Descending Trend line: Analyst

Coin Edition
Coin Edition

15 Sep 2023 9:44 PM

A renowned crypto analyst identified as EGRAG CRYPTO on the X app has provided insight into the XRP price's development. Read more....

  • EGRAG CRYPTO provides insight into the development of XRP price.
  • A crucial pattern on the XRP daily chart is influencing traders' sentiments.
  • Technical indicators suggest possibilities of a bullish trend.
  • Descending trend lines (DTL 'A' and DTL 'B') have posed significant resistance to the XRP price.
  • DTL 'A' is a key indicator signaling the market downtrend and serving as a dynamic resistance barrier.
  • The bearish momentum will persist until an XRP daily candle closes above DTL 'A'.
  • Traders are advised to watch the lower levels between $0.43 and $0.35.
  • To turn bullish, the daily candle needs to close above DTL 'A' and surge past DTL 'B'.
  • The price target for this setup is between $0.65 and $0.67, with a long-term target of $1.
  • XRP has been under pressure since a rally on July 23, following a favorable judgment in the Ripple-SEC case.
  • XRP is currently trading around $0.49, remaining under DTL 'A' despite recent gains.

The sentiment of the article is neutral, providing analysis and insights without expressing a positive or negative bias.

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You May Ask

What is the crucial pattern on the XRP daily chart influencing traders' sentiments?What are the descending trend lines mentioned in the article?What is the significance of DTL 'A' in the current XRP price setup?What are the price targets for XRP if it turns bullish?What event caused XRP to be under pressure since July 23?

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