Solana

Chainlink

Valhalla

The XRP price has entered what is regarded as the Dollar Cost Averaging (DCA) ranging zone, according to crypto analyst Egrag. While the digital asset’s price oscillates within a critical zone, the analyst maintains a bullish stance on its future trajectory. 
<h2 id="xrp-price-enters-dca-zone">XRP Price Enters DCA Zone</h2> 
Egrag stated via a <a href="https://twitter.com/egragcrypto/status/1725430509029765213" target="_blank" rel="noopener nofollow">post</a> on X, “XRP Color Code (Update): My Stance Forged in the Fires of Conviction: Let me say it 1 million times that I’m still bullish AF, so ease up on the DMs assuming I’ve switched my stance. Remember, markets move in waves, and I’m here to present the short-term moves because, let’s face it, 80% want to reach Valhalla without dying.” 
The analyst’s latest technical analysis reveals that the previous support level at $0.66 proved to be weaker than anticipated, leading to a shift in the XRP price’s movement into a ranging zone. “$0.66 wasn’t a solid support, as I’ve mentioned before. XRP is in the ‘ranging’ zone, so the DCA opportunity is open,” Egrag stated. 
The analyst’s chart exhibits a descending triangle pattern breaking downwards, indicating potential bearishness in the short term. However, Egrag highlights the importance of the $0.50 mark as a “robust support.” He asserts that the price “won’t dip below $0.50—it’s a pivotal price point.” 
<img loading="lazy" decoding="async" class="wp-image-561191 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807" alt="XRP/USD, 1-hour chart" width="1814" height="807" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807?w=1814 1814w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HyamEXYAAwX9j.jpg?resize=1814%2C807?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The above 1-hour chart shows that the price has now been rejected several times at the falling (red) trend line. If this momentum is maintained, XRP could drop further and could find first support near $0.57. If this support also breaks, the $0.51 mark could be the most crucial turning point. 
For Egrag, the zone between $0.5738 and $0.5119 is the “wicking” zone, meaning that the price could swiftly dip into this zone. However, if the price drops below $0.5119, it would enter the “red flag” zone of Egrag’s chart, potentially invalidating the entire prediction. 
<img loading="lazy" decoding="async" class="wp-image-561192 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807" alt="XRP/USD, 3-day chart" width="1815" height="807" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807?w=1815 1815w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_HwJaiWsAAlUzT.jpg?resize=1815%2C807?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The Fibonacci retracement levels on Egrag’s 3-day chart suggest significant resistance and support zones. The 0.236 level at approximately $0.7409 and the 0.382 level at about $0.6432 may act as resistance in a bullish scenario, while the 0.5 level at $0.5738 and the 0.618 level at $0.5119 could provide support if bearish momentum continues. 
Notably, Egrag’s commentary doesn’t shy away from conviction, “XRP is transforming the way value moves in this digital age. So, it’s crucial to understand what you hodl. Otherwise, I might have to break out the block button for those not willing to learn on how markets move and what XRP or XRPL is achieving. I’m staying true to my beliefs, and if that’s not your vibe, it’s cool to step away from following me.” 
<h2 id="criticism-for-stubborn-view">Criticism For ‘Stubborn View’</h2> 
Despite facing <a href="https://twitter.com/TheLordSaiyan/status/1725432248835432629" target="_blank" rel="noopener nofollow">criticism</a> from a user comparing the XRP price performance to that of other cryptocurrencies like Solana (SOL) and Chainlink (LINK), Egrag defended the long-term vision for XRP, highlighting its value proposition. He responded, “Appreciate your input, but I’m not pursuing 300% or 500% gains in projects I lack conviction in. My focus is on generational wealth. Imagine understanding gold will reach $2000, and having the chance to acquire it at $0.5.” 
The critic replied, “XRP holders are not diamond hands.. Just very stubborn people hoping to be able to sell it at the price they bought. Be happy if it reaches 1$ again.” Undeterred, Egrag concluded, “Indeed, TESLA investors weren’t stubborn; they envisioned the future. The same principle applies to FANGMAN companies. Bookmark this: XRP, the first digital asset with regulatory clarity, and anticipate Ripple, as a company, surpassing the collective value of the FANGMAN entities.” 
At press time, XRP traded at $0.6118. 
<img loading="lazy" decoding="async" class="wp-image-561193 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673" alt="XRP price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-17_12-13-56.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Crypto Analyst: XRP Price Enters DCA Range, Suggests Buying Opportunity

Table of Contents

NewsBTC

Other articles published on Nov 17, 2023

IOSCO Sets Forth Crypto Market Regulation Recommendations

Bitcoin (BTC) – The Unsolved Problems Despite the Price Surge

IOSCO Released Recommendations for Regulating the Crypto Sector

Meta Launches Gen-AI Models for Generating Video and Editing

Fake DJ Marshmello presents sham coin at Web Summit as activists’ campaign

Ethereum Foundation Shifts Millions in ETH Before 6% Price Decline

Join our free newsletter for daily crypto updates!