XRP is Under Pressure From a Descending Trend line: Analyst

A renowned crypto analyst known as EGRAG CRYPTO on X has provided insight into the XRP price’s development. EGRAG observed a crucial pattern influencing traders’ sentiments, noting the possibilities that could lead to a bullish trend based on technical analysis.

#XRP Short Term Analysis-Daily TF (UPDATE):

📉📊 Check out the September 4th, 2023 post on @egragcrypto to see how the DTL ‘A’ (Descending Trend Line) is acting as a strong resistance level! https://t.co/yVUUEG55AN

A) DTL ‘A’ (Descending Trend Line) is a key indicator,… pic.twitter.com/MWkBjXJovY

— EGRAG CRYPTO (@egragcrypto) September 15, 2023

EGRAG identified two descending trend lines on the XRP daily chart that have posed significant resistance to the price. The crypto analyst described the descending trendlines as DTL ‘A’ and DTL ‘B’, with DTL ‘A’ representing the descending trend line closest to the XRP price at the time of the analysis.

According to EGRAG, DTL ‘A’ is a crucial indicator in the current XRP price setup. He thinks this trend line signals that the market downtrend is still in motion and serves as a dynamic resistance barrier to the price.

EGRAG believes DTL ‘A’ is significantly impacting the Bulls’ sentiment. According to him, the bearish momentum will persist until an XRP daily candle closes above the DTL ‘A’. Hence, the analyst advised traders to watch the lower levels between $0.43 and $0.35.

For the XRP market to turn bullish, EGRAG believes the daily candle has to close above the DTL ‘A’, and surge past the DTL ‘B’. The price target for this setup is between $0.65 and $0.67. According to EGRAG, when that happens, it will open the path for XRP to pursue a target of $1.

XRP has been under pressure since an extraordinary rally on July 23. The rally followed a favorable judgment in the case between Ripple and the U.S. Securities and Exchange Commission (SEC). The embattled altcoin has lost all the gains made on the day and is currently trading around the prejudgment level.

XRP traded for $0.49 at the time of writing, having bounced off a $0.45 local low. The crypto token remains under the DTL ‘A’ despite gaining 10.83% in the last three days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source