According to a recent analysis from a prominent analyst, Ripple (XRP) has been moving for 300 days EGRAG Crypto. The analyst's SSMP (Structural, Sentiment, MACRO, Psychological) model outlines four key phases that could potentially lead to XRP reaching the $1 mark, a major milestone for the cryptocurrency.
Wrinkle structural formation
The first phase of the SSMP model focuses on the structural formation of the price of XRP. EGRAG Crypto identifies the range from $0.53 to $0.58 as crucial for the cryptocurrency. In recent weeks we have seen strong base formation within this range, indicating a potential bullish run from $0.55 to $0.58.
If Ripple (XRP) manages to keep its price above this level and establish a solid foundation, it could set the stage for further price increases in the coming weeks and months.
Also read: How High Can Ripple (XRP) Rise This Week?
The second phase of the model revolves around the sentiment status. EGRAG Crypto suggests that the $0.63 to $0.70 range marks a potential sentiment shift for XRP. Monitoring this range and associated trading volume can provide valuable insights for investors looking to capture price opportunities and manage risk.
A break above the $0.70 level on strong volume could indicate a positive shift in market sentiment, potentially leading to further price increases for XRP.
XRP MACRO range
The third phase of the SSMP model focuses on the MACRO range. EGRAG Crypto identifies the range from $0.75 to $0.85 as a crucial level for XRP. If the cryptocurrency manages to close above this range on a weekly basis, it could be the start of a significant bull run.
Furthermore, a monthly close above this range would mark the end of an era when XRP traded below the $1 price. This would be a major milestone for the cryptocurrency and could potentially attract more investors and traders to the market.
Also read: Cryptocurrency: Top 3 AI Gem Coins to Invest Now
The final phase of the model is the psychological battlefield. EGRAG Crypto suggests that the $0.93 to $1 range is the area where emotions such as fear, greed, anxiety and overconfidence collide. A monthly close above this range could mean saying goodbye to sub-$1 prices for XRP forever.
This psychological level is crucial for XRP as exceeding it could lead to a significant shift in market sentiment and potentially pave the way for further price increases in the future.
EGRAG Crypto's SSMP model provides a comprehensive framework for analyzing the potential price trajectory of XRP. By outlining four crucial stages – structural formation, sentiment status, MACRO range and psychological battlefield – the analyst has identified the key price levels that could potentially lead to XRP reaching the $1 mark.
Also read: Cryptocurrency: Three Coins That Could Rise in May