The crypto industry seems to have started cooling down, as the market has mostly been trading sideways this week. Top cryptocurrencies have displayed minor corrections in their respective values, with major altcoins experiencing the same.
EGRAR CRYPTO, a well-known crypto analyst with substantial followers of nearly 38K on the “X” platform, has closely followed the XRP price for quite some time now and has spotted trends for the possibility of a massive price action soon.
The analyst highlights the Ripples token is presently undergoing a possible breakout as it has managed to breach the cross-resistance/support level but is presently retesting it. Further, the price is seen trading with the support of the resistance trendline, indicating a possibility of a bullish turnover soon.
Moreover, the analyst suggests staying steady as the price can result in either way of the trendline as it is trading very close to it.
Short-Term XRP Price Prediction:
The XRP price has been trading in a cross-resistance/support zone since mid-July. The price was seen steadily trading in the range with the help of the support level. The price experienced a dip in value during mid-August, resulting in the coin breaking down the trend, but the coin was hovering close to the level.
In mid-September, the price regained momentum and broke into the range, following which the price gained momentum and displayed steady price fluctuations.
Following the Golden Cross, the price gained momentum and managed to break out of the resistance level, indicating a bullish influence in the market. The XRP price simultaneously broke out of the important resistance level at $0.5455 and is presently hovering close to it.
If the bulls continue to gain power and hold the price above the support level of $0.5394, the price will gain momentum and make a run to test its key resistance level at $0.64 in the coming week.
On the contrary, if the bears overpower the bulls and the coin breaks down the support level at $0.5394, the XRP token will lose momentum, fall back into the cross-resistance/support zone, and test its crucial support level at $0.4422.