In the ever-evolving landscape of cryptocurrency, predictions play a vital role. Recently, noted crypto analyst Egrag Crypto provided insights on the price action of XRP, suggesting that it must maintain a certain support level to catalyze a bullish trend. According to his analysis, if XRP can hold steady above this threshold, it has the potential to soar to an impressive $4.2.
The Critical Support Level for XRP’s Success
Egrag Crypto emphasized that XRP needs to remain above $2.50 to sustain its upward trajectory and aim for the potential all-time high of $4.2. After successfully breaking past the $2.50 mark, with a confirmation peak at $2.65, the discussion surrounding these price points has intensified.
Maintaining the price above $2.50—or ideally resting comfortably above $2.42—is essential for encouraging continued bullish momentum. Egrag Crypto pointed out that should XRP falter below these levels, the $2.20 mark would become the crucial support necessary to preserve bullish sentiment. His detailed chart illustrates just how pivotal these support levels are for future price targets.
Adding to the discussion, analyst CasiTrades highlighted the $2.69 resistance level as vital for XRP’s upward mobility. Notably, this price point corresponds to the .236 Fibonacci retracement level derived from its all-time high, making it a critical benchmark. If XRP fails to consolidate above this resistance, CasiTrades cautions that a retracement to around $2.30 could occur, providing a much-needed reset. Conversely, a successful hold above $2.69 could ignite an “explosive” rally potentially pushing toward $3.
A Bullish Wave Approaches for XRP
As interest peaks, analyst Dark Defender forecasts an impending third wave for XRP, potentially driving the cryptocurrency up to $5. With a decisive break of the main resistance line on the daily chart and a bullish Relative Strength Index (RSI), the momentum seems promising.
Attention should also be paid to key support levels, notably $2.3620 and $2.4690, with significant resistance observed at $2.6553 and $3.3330. Crypto expert Ansem shared a similarly optimistic outlook, comparing XRP’s potential journey to previous surges seen with Dogecoin, suggesting that the XRP/BTC pair could achieve unprecedented heights in the current cycle. Subsequently, fellow analyst CrediBULL Crypto opined that this could see XRP soaring to a staggering $28 this cycle.
As of the latest reports, XRP’s current trading price hovers around $2.58, reflecting a 3% uptick within the past 24 hours, based on the latest data from CoinMarketCap.
