Will XRP Hit $5.89? EGRAG Eyes Chasm and 10% Dominance

• XRP’s third cycle mirrors historic rallies from 2017 and 2021.
• Market dominance breakout promising, but 10% is pivotal resistance.
• Missing the Chasm trendline may break XRP’s bullish pattern.

XRP is approaching a key technical level that previously triggered strong rallies. Analyst EGRAG CRYPTO believes the token is repeating patterns from earlier market cycles. XRP’s price and dominance charts show similar structures seen before past surges. The coming days may prove decisive for whether XRP holds its historical momentum.

XRP Nears Historic Chasm Trendline

EGRAG CRYPTO stated that XRP is now navigating its third major market cycle, marked by interaction with a critical trendline he calls the “Chasm.” In 2017 and 2021, XRP touched this level before launching into significant rallies. The Chasm is defined by the convergence of the 21 EMA and 33 SMA on the weekly chart.

The analyst warned that if XRP does not reach this level in the current cycle, it could signal a deviation from the pattern. According to his chart, respecting this level could point to a price target near $5.89. He noted that missing this trendline would mean “something is off,” urging the XRP community to monitor the situation closely.

Market Dominance Breaks Out, But Key Resistance Ahead

In addition to price analysis, EGRAG also reviewed XRP’s market dominance. He observed a breakout from a descending wedge, with XRP’s dominance rising to 4.2% and approaching 6.5%. The trend suggests renewed strength for XRP’s share of the overall crypto market.

However, the analyst emphasized that 10% dominance remains the critical barrier. In his view, anything below that line means XRP hasn’t yet established a meaningful market position. He outlined an arc-shaped path that could guide XRP toward that level but noted that the breakthrough has not happened yet.

What Comes Next for XRP?

At the time of writing, XRP is trading at $3.48 after a daily dip of 0.14%, down from an intraday high of $3.57. Despite short-term price fluctuations, EGRAG remains focused on the broader cycle structure. He encouraged holders to “stay steady and strong,” echoing his confidence in the technical setup.

Both the price level near the Chasm and the 10% market dominance mark will be crucial in the weeks ahead. If XRP respects the trendline and builds on its dominance breakout, the next leg up could mirror the explosive moves of previous cycles. 

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.