XRP is currently trading around $2.64, marking a 1.12% increase in the past 24 hours. Daily trading volume has surged by 22.5% to $4.33 billion, according to CoinMarketCap. Despite this short-term recovery, prominent market analyst EGRAG Crypto has cautioned that XRP might encounter significant resistance before achieving a sustained breakout.
In a recent analysis, EGRAG detailed the "As Above, As Below" pattern. This specific chart formation has historically indicated four instances of price touching key levels before a final breakout move occurs.
According to EGRAG's analysis, there is an 80% probability of XRP facing rejection around its current resistance level, which he identifies as Point #2. Conversely, there is only a 20% chance of a clean penetration through this resistance. EGRAG emphasized the importance of market balance before a significant upward movement, advising traders to prioritize patience and precision over emotional decisions.
The chart provided by EGRAG illustrates XRP consolidating within the price range of $2.3 to $2.8. This consolidation has formed symmetrical resistance and support lines, which have repeatedly capped price rallies over the last three months. This pattern is reminiscent of earlier structures observed in XRP's history that preceded substantial price surges once market equilibrium was re-established.
If this historical pattern continues to hold true, traders may witness one final rejection of the current resistance level before the "5th touch" breakout. EGRAG considers this fifth touch as the definitive trigger for XRP's next significant upward movement.
Meanwhile, XRP's fundamental metrics remain robust. The cryptocurrency boasts a market capitalization of $158.8 billion and a circulating supply of 60 billion tokens. These figures suggest that long-term accumulation is ongoing, even amidst short-term price volatility.