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XRP could be on the verge of a substantial rally to $6.5 amid resilience demonstrated by its market cap in holding above 10-year trendline support on the monthly chart.
This is according to separate analyses from two market watchers, EGRAG and JD. Each of these analysts presented a breakdown of XRP’s price movements, with a common conclusion: XRP is poised for a rally.
EGRAG’s analysis centers around measuring percentage moves during significant price pumps, requiring a staggering 300% or more increase within a single candle’s measurement. The breakdown of these moves ultimately averages a 1,160% surge in XRP’s value.
The post built on a previous report from the analyst in which he called attention to two XRP trading zones and the formation of a “Steel Foundation” that has historically acted as robust support for XRP’s price movements.
Notably, XRP traded in Zone A from 2013 to 2017, using $0.00485 to $0.00596 as the Steel Foundation (support). XRP broke above Zone A when it rallied in late 2017, creating Zone B and forming another Steel Foundation (support) between $0.25939 and $0.32630.
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