The XRP price has shown a new price increase recently, following the general optimistic trend in the cryptocurrency market. The XRP price has significantly increased during the past several hours, reflecting the overall upward trend in the cryptocurrency market. Temporarily rising by more than 5%, XRP is now getting closer to a crucial resistance level that, if broken, could set off a strong and swift price movement known as a “god candle.”

With his most recent technical analysis of the price trajectory of XRP, renowned crypto analyst Egrag has caught the attention of the industry. Egrag has detected major indicators that point to an impending bullish rise using the 3-day XRP/USDT price chart. In a tweet, Egrag proclaimed, “XRP Gods Candle, it is coming.”

The XRP Price’s Robust Resistance Barrier

Egrag compares the resistance level of XRP price to the historical significance of the “Berlin Wall,” portraying it as a powerful barrier that is perilously close to falling. He writes, “With each small pinch, this formidable barrier inches closer to its inevitable collapse.”

From May 2021 to May 2022, the $0.5574 price level, which is comparable to the Berlin Wall, provided strong support. The times when this level provided essential support are highlighted in Egrag’s chart. However, XRP plummeted below this level in early May 2022, suffering rejection twice at the Berlin Wall.

After a brief breakthrough following the summary judgment in the Ripple vs. SEC lawsuit, XRP retraced its steps within four weeks, falling below the critical level. Now, Egrag believes that this resistance is weakening, potentially paving the way for an exciting breakout. He anticipates that XRP could surge to a range between $1.10 and $1.40.

Egrag also points out the formation of a distinct ‘W’ pattern in XRP’s recent price action. Historically, this pattern has often signalled trend reversals and strong price momentum. Egrag’s analysis suggests a measured move to around $0.65.

XRP Price Has Shown a New Price Increase

What makes the $0.65 mark significant is its potential to set the stage for a bullish trend, leading to a retest of the $0.55 to 0.58 cents range.

The importance of breaking through this level is emphasized by Egrag, who says that “our next significant milestone is around 65 cents, and a successful breach at this level would indicate a bullish trend.”

Egrag’s prediction ends with the notion of a “Rebounce,” denoting a quick and significant increase in the price of XRP. Egrag is optimistic that XRP would reach the $1.10 to $1.40 level if this scenario materializes.

“XRP Army, STAY STEADY. Our moment in the spotlight is drawing near, and your unwavering commitment will soon be rewarded,” Egrag tells the devoted XRP fans.

The 0.236 Fibonacci retracement level ($0.5539) presented initial resistance to XRP price, which was trading at $0.5422 at the time of this article.

In conclusion, the significant signals observed in XRP’s price performance suggest an exciting journey ahead. While precise targets are challenging to predict, continued monitoring and analysis are crucial for informed investment decisions in the volatile cryptocurrency market. Hence, ensure you keep your eyes on the trends, do your own research and only invest what you can afford to lose, as this XRP price analysis is not financial advice.