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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Breakout Looms: XRP To Hit $7.5 After ‘Wake-Up Line,’ According To Analyst

Christian Encila
Christian Encila
10 months ago
3 mins read
XRP

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Thanks to a bullish prediction by analyst EGRAG Crypto, XRP is now causing ripples in the crypto market again. He has recently done an analysis that shows the token is approaching a critical juncture. In the short term, prices may increase more than $1.50 if it can surpass the Genuine Wake-Up Line (GWUL).

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Traders pay attention to the significant resistance levels of XRP since it displays the price pattern of the cryptocurrency. By the first of November in 2024, CoinCodex anticipates a 19.57% gain. This indicates that a significant number of market players believe the asset will increase in value.

XRP seen rising in value. Source: CoinCodex

Resistance At The Genuine Wake-Up Line

EGRAG recently released the GWUL following XRP’s successful passage of the Final Wake-Up Line, another key barrier. Since its formation following XRP’s high of $1.96 in April 2021, this new line has proved to be a formidable resistance.

The analyst theorizes that XRP is now at the edge of breaking this level of resistance, meaning there could be a strong shift in market mood. Perhaps the token would start rallying towards $1.50 if it could close above the GWUL and manage to stay above after having breached above it. Mid-term projections are even more optimistic, with potential targets set between $5.50 and $7.50.

#XRP Genuine Wake-Up Line (Micro Moves – Lower Time Frame) 🚨🚨🚨🚨🚨🚨🚨

🔍 A closer look at the borders of the GWUL (Genuine Wake-Up Line) reveals an intense battle ⚔️ between the #Bulls 🐂 and #Bears 🐻. The action is heating up, but guess what? The wave count is on our side!… https://t.co/RJoVyM8RiL pic.twitter.com/QcYFFQn0vl

— EGRAG CRYPTO (@egragcrypto) October 1, 2024

EGRAG emphasizes that it is insufficient to simply barrel past the GWUL; XRP must maintain its position above this line for a minimum of three days. This confirmation is essential for the establishment of a favorable trend. At the moment, XRP is trading at approximately $0.58, which is why the next few days are so critical for its price movement.

Patterns Suggest A Conflict Between Bears And Bulls

On EGRAG’s chart, the GWUL and a yellow triangle indicate the trading conditions’ upper limit, with the Atlas Line supporting it. Within the larger yellow triangle, a smaller white triangle has also emerged, illustrating the ongoing market tug-of-war between bulls and bears.

The stakes are high as XRP approaches the convergence point of these triangles. If investors are able to elevate XRP above this triangle, it could trigger a substantial bullish wave, thereby verifying the breach of the GWUL.

XRP market cap currently at $33.15 billion. Chart: TradingView.com

Reaching the $1.50 threshold is particularly significant, as it would conclude Wave 1 of a more extensive Elliott Wave pattern, according to EGRAG. In the event that XRP surpasses this threshold, a corrective Wave 2 could occur, resulting in a decline to approximately $0.75 before a more substantive rally. This rally may ultimately result in the ambitious target of $7.50.

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Monitoring Support Levels

Although the outlook is still positive, there’s a caveat in that XRP has to remain trading above its key support at $0.62. XRP is trading just below this critical level of support now, so there is some concern about how long it might sustain its bull run.

Markets are cautious while awaiting events. The rest of the week will show if XRP has promise. If it stays over $0.62, the token may spark a breakout.

Featured image from SETI Institute, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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