XRP Analyst Aiming for a Price Reversal if Price Stays Below 21 EMA

XRP is attracting attention as technical analyst EGRAG CRYPTO calls to keep the short-term price below the 21-day Exponential Moving Average (EMA). EGRAG CRYPTO, a well-known figure in the digital asset space, recently shared its analysis of XRP's short-term roadmap. He emphasized the importance of XRP remaining below the 21 EMA for the next four days

According to analysts, this will allow the formation of bullish candlestick patterns, such as the hammer pattern or the bullish engulfing pattern. These patterns are often considered signals of a market reversal from bearish momentum to bullish momentum. EGRAG points out an important technical area called the "NO-NO ZONE", which XRP is currently testing. He notes that maintaining the current price level below the EMA 21 could support a strong bullish breakout. His strategy is based on a classic setup, where a short-term consolidation leads to an upward trend. The analyst referred to a similar breakout from a symmetrical triangle pattern at the end of 2023, which triggered a significant price increase. XRP price drops in the context of low volume At the time of writing, XRP is trading at $2.14, down 2.03% for the day. The cryptocurrency opened at around $2.20 but has fallen under selling pressure, hitting a daily low. Despite some attempts to recover, XRP has been unable to hold above $2.16, indicating a pessimistic sentiment in the short term.

The trading volume has also decreased significantly. In the past 24 hours, the volume has dropped by 37.58% to $2.87 billion. This decline in activity indicates that traders' interest is waning or that the upward momentum is stalling. The market capitalization of XRP is currently at $126.27 billion, with a circulating supply of approximately 58.88 billion tokens. Set targets for the potential price increase in July EGRAG CRYPTO views the current price action as part of a larger bullish setup. He believes that patience during this consolidation phase is crucial. By allowing the price to stabilize below the EMA 21, XRP can build the technical foundation necessary for a breakout. He reiterates that this strategy is in play and the market will remain stable as it develops. A recent report by Coincryptonews found that XRP's recent price move is in line with the legal update in the SEC lawsuit against Ripple. Both parties filed a joint report and asked the Second Court of Appeal to stay the appeal. The request awaits a ruling on a pending motion, delaying any resolution until at least August. With XRP still among the top cryptocurrencies by market capitalization, traders are closely monitoring any signs of a reversal. If the predicted setup forms, a bullish rally could emerge as early as July.