The post Top Trader Highlights XRP Price Below $1 as a Life-changing Opportunity appeared first on Coinpedia Fintech News
Famous cryptocurrency analyst and trader Egrag Crypto believes that investors have a unique opportunity to make a life-changing investment by capitalizing on XRP’s current position below $1. In his analysis, Egrag used signals from Luxalgo, a top-tier trading platform, to identify potential buy opportunities for XRP at its current value.
Will XRP Retest $0.382?
Egrag suggests that XRP may retest the Fibonacci point at 0.382, which corresponds to a price of $0.40. He also notes that the Stochastic Relative Strength Index (Stoch-RSI) indicates bearish signals, implying that XRP could trade within a range for some time.
For a clearer understanding of XRP’s potential trajectory, Egrag recommends examining the Relative Strength Index (RSI) indicator. Based on the RSI, he believes that XRP could gain momentum and reach the $0.60 price point as it breaks through the “Final Wake Up Line.”
Despite the potential for XRP to surge above the Final Wake Up Line, Egrag acknowledges that the asset could also fall back to this line. If it does so, the line will be confirmed as the new support zone, which Egrag considers the best-case scenario.
XRP experienced a price increase following its breakout from a descending resistance line on March 21, which led to a new yearly high of $0.585 on March 29. However, XRP subsequently fell below the 20-day Exponential Moving Average (EMA) of $0.50 on April 19, dropping below $0.50.
XRP: Signs of Weakness and Potential For Recovery
Although XRP rebounded off the 20-day EMA of $0.50 on April 18, it struggled to clear the overhead hurdle at the resistance line, indicating signs of weakness in the short term.
Buyers attempted to halt the decline at the 50% Fibonacci retracement level of $0.47, but any recovery effort is expected to face significant selling pressure between the resistance line and $0.58.