Analyst EGRAG, XRP price must resist falling below $0.55, a level he calls the “Val Hell” gates, on its journey to $1.98 stated. The analyst managed to attract attention again by explaining this prediction in line with his previous predictions.
As of August, XRP is trading at $0.5346 following a correction from the July 13 high of $0.9380. EGRAG noted that with the drop to $0.53, the altcoin fell below a descending channel.
However, according to the analyst, the drop to $0.53 marks the bottom in the XRP price. However, he emphasized that this is not a certainty, stating that a confirmation of this claim would emerge if the price re-enters the descending channel and closes above the $0.60 to $0.67 range.
Following EGRAG’s analysis, it was continuing to consolidate between $0.45 and $0.55 as bears and bulls matched each other’s momentum. altcoinThis month witnessed a breakthrough, closing above $0.71 on November 6. The asset posted impressive gains but is now facing a correction.
Data from the analyst’s chart confirmed that the price re-entered the descending channel and rose above it during the recent rally. As the rally progressed, XRP broke above a key price level of $0.6003 located at 0.382 Fib.
However, with the subsequent correction, the price returned to this range, albeit for a short time. The price rose as high as $0.6353 as the bulls gained strength. However, the presence of bears continues to pose a risk at $0.60. According to the analyst, this is the region called the “Val Hell” gates.
As we reported as Koinfinans.com, Val Hell Gate is at $0.55. A breach below this level could lead to further declines for the altcoin. EGRAG emphasized that the asset should remain strong and post a comfortable daily close above the interest level. Meanwhile, XRP is currently facing a 5.41% decline in 24 hours with volume of $2,125,362,588.
However, the tip of the analyst’s ascending channel opens at a peak price of $1.98.