Egrag Crypto highlighted the positive trend of XRP and introduced the term “the Bifrost Bridge”. This term refers to a price level which XRP has been able to hold above for what can be counted as 2650 days now. As noted by analyst, this means that there is a clear and continued upward movement for the digital asset, which is a positive sign of a strong market for the asset.
The analysis is based on the daily chart of coin for the last three months as the market fluctuates, the XRP remains stable. He pointed out that even with the volatility that has been seen, token has not even come close to closing half of a candle body within this important region. This behavior he says prove the strength and reliability of the asset in the long run. It further strengthens the notion that XRP/USD is in an uptrend with a strong structure on higher timeframes.
Since its inception in April 2017 XRP has been seen to be on a gradual rise. Generally, markets cycle through trending and consolidation modes, and coin is in the uptrend mode. Although trends may change, he noted that XRP is currently ‘extremely bullish’ which means that there is a possibility for further upward movement. He considers this as a unique but favorable foundation for the continued growth of cryptocurrency in the market.
XRP’s Key Support Level
The analysis also stressed on the importance of the $0.28 price level for Ripple coin. He stated that short-term market volatility is inconsequential as long as XRP is trading above this crucial level. Investors should not be discouraged by short term fluctuations because the trend of the asset under consideration is upward.
In the message to the Ripple community, analyst called for the community to stay rational and have a long-term outlook. He described the “Bifrost Bridge” as a “teleportation to Valhalla” which is an illusion to a gate to the higher price levels. At the time of writing, Ripple token is trading at $0.5868, marking a 3.84% increase in the past 24 hours.
This bullish sentiment means only one thing, that if the trend continues then a huge uplift of Ripple token is imminent. This potential upward movement has supported the positive sentiment around XRP as investors await the next leg of the market journey.
