EGRAG CRYPTO, a trader and analyst, conducted a technical analysis on the XRP token and concluded that the price of the money transfer token should break above the wedge pattern produced on the weekly chart.
To be more specific, the XRP price must surpass the $0.5574 level, which the expert has identified as a critical support and resistance level on the weekly XRP chart. Previously, the price of XRP was supported by this level, but it also dropped below it (around May of last year).
Given that there were three falls down last year, the trader believes it will take at least three efforts to break above this level. If the altcoin price successfully overcomes this level, it will begin to move toward $ 1.1245.
According to CoinGecko, the current price of XRP is $0.4665, with a daily loss of -0.1% in the last 24 hours. The weekly dynamics are 9.2% positive.
The recent price movement of XRP brought the token’s market capitalization to $24.2 billion, putting it in sixth place.