thecryptobasic.com
Analyst predicts a strong move if XRP sees three consecutive daily closes above a key level, signaling potential for significant upward momentum.
As of press time, the XRP price was at $2.23, a 1.20% surge from the intraday low of $2.20. Amid the current price action, crypto analyst Egrag Crypto has identified a critical moment for XRP, with the key micro signal being just three daily closes above the $2.22 mark. Once this happens, the analyst suggests it could mark the beginning of a major upward move for XRP.
Key Resistance to Watch
Per the analyst’s chart, XRP price has faced significant resistance in recent months, with a descending trendline serving as a key barrier. Despite a number of attempts, the price has failed to sustain a position above this level, leading to a period of consolidation.
In the past, XRP saw strong rallies, but each time it approached the trendline, the price action struggled to break through, signaling the presence of strong selling pressure.
The current market trend has seen XRP experiencing a series of lower highs and lower lows. This suggests that the upward momentum has stalled, and the bears may be in control.
However, if XRP manages to close above $2.22, it would indicate a shift in market sentiment, as this level has proven to be a strong point of resistance in recent trading sessions.
Should this close occur, the next challenge for XRP will be to break through the $2.36 level, which could act as the first barrier after surpassing $2.22. If this level is overcome, the price may make its way towards the $2.50 and $2.65 levels, which are the next key resistance points.
The analyst also identifies a higher target of $3.1, a 39.04% rise from the current price.
XRP Open Interest Jumps 6%
Meanwhile, the current market sentiment surrounding XRP shows some promising signs, particularly in terms of volume and open interest. XRP’s derivatives data has been improving, with derivatives volume rising by 138% and open interest climbing by 6%.
This uptick in market activity suggests that traders are positioning themselves for a potential price movement.
Additionally, the options volume has seen a notable increase of 20.48%, indicating that market participants are preparing for volatility.