XRP’s ‘Valhalla’ awaits at $23 – but beware the cliff

Amid the battle that many assets in the cryptocurrency market are currently fighting to resume their upward movement, XRP seems to be looking at not just a strong recovery but also what one crypto analyst referred to as ‘Valhalla.’

Specifically, popular crypto expert Egrag Crypto noted that XRP “closing above $3.65 and the Green Arch will propel us into Valhalla price discovery. That’s the end of the story!,” according to his linear regression analysis (log scale) and ‘the bent fork’ formation (zoomed-in version) shared in an X post on August 20.

As he pointed out, $2.90 was the mid-point of the Linear Log Channel at the moment, and XRP must not close below it or it would lose the bullish setup. Furthermore, the analyst observed $2.65 as the strong line of defense where XRP can have a wick “but not a daily close below it.”

At the same time, Egrag Crypto said that $2.33 was the last line of defense and that it was also the 21-period exponential moving average (EMA) on the 2-week time frame, stressing that “this level must hold if we want to reach a new all-time high.”

Finally, the crypto expert opined that $1.90 was the bear market line of defense, the crossing below which would end up in bear territory, and that $1.62 was “the confirmation point for a bearish trend if we close below the middle of the arch.”

How high can XRP go?

That said, he suggested that zooming out and looking for the “White Arch and the possible Blue Upper Boundary of the Linear Log Channel” where XRP is headed indicates strong bullish potential towards $23 by December this year, “even in the face of negativity and short-term price fluctuations.”

Meanwhile, fellow crypto trading expert Ali Martinez highlighted that XRP was preparing for a rebound as the TD Sequential, an indicator identifying potential market trend exhaustion and reversals, printed a ‘buy’ on the hourly chart, according to his analysis shared in an X post on August 21.

For the time being, XRP is trading at the price of $2.90, which indicates a 0.21% gain on the day, but a decline of 10.11% across the past week, and a 16.91% drop over the last month, according to the latest CoinMarketCap data retrieved on August 21.

As a reminder, Martinez earlier noticed that the third-largest crypto asset by market capitalization had flashed a ‘buy’ signal after perfectly timing the top, suggesting it may have regained some of the strength needed for a powerful recovery – and it seems that he has been correct.