XRP Price Back on Track to $1.4 as It Re-Enters Bullish Zone

The XRP price has slipped back into the bullish zone, positioning itself on the trajectory to the much-anticipated $1.4 price target set by prominent analyst EGRAG.

In his recent post, EGRAG confirmed that XRP remains in the Bullish zone three days after re-entering the area. To get a clear understanding of the analyst’s latest remarks, it is essential to take note of his earlier analysis in which he discussed these XRP price zones.

XRP: The Color Code

In what he dubbed the “color code roadmap,” EGRAG noted that XRP’s price movements historically fall into one of four zones below $0.58. These zones are the Red Flag ($0.3536 to $0.3875), Wicking ($0.3975 to $0.4719), Ranging ($0.4719 to $0.5119) and Bullish ($0.5119 to $0.5738).

XRP price trades in and out of these zones amid the prevalent market swings. Since September, XRP has spent most of its time within the Ranging zone and below the Bullish zone. XRP traded in the Ranging zone from Oct. 9 until it staged a rally on Oct. 19.

XRPUSD 1D Chart | EGRAG Crypto

This rally saw it slip back into the Bullish zone. Following this development, EGRAG asserted two days ago that XRP has the potential to skyrocket to $1.4, but this depends on the asset’s price movements. He revealed that XRP would need to register a full-bodied close in the Bullish zone weekly.

Latest Insights

The analyst’s latest update seeks to inform his audience that XRP is still trading within the bullish zone, with a current price of $0.5228. This signals that XRP remains on track to seal the bullish weekly close and bolster its chances of attaining the $1.4 price target.

However, the path to this price features multiple resistance points, as highlighted in EGRAG’s chart. First, XRP must conquer the fierce resistance at $0.5738, culminating in a price above the Bullish zone. Such a development would further compound optimism about the asset’s potential.

Once above the Bullish zone, XRP must tower above key resistance levels at $0.6432 and $0.7409. The ultimate resistance point for XRP is $0.93, at the Fibonacci level of 0. This resistance previously opposed XRP’s July 13 rally in which it aimed to reclaim the $1 price point.

EGRAG believes that once XRP shatters the $0.93 resistance, it will face a smooth sail to the $1.4 price point. However, this remains speculative and should not serve as investment advice. XRP is currently up 7.24% over the past week.

Source