Recently, analysts have been closely monitoring the price movements of XRP, especially after its recent dip below the crucial $2 mark. Some experts, like the well-known Egrag Crypto, suggest that this could be a turning point, indicating a potential bullish reversal for the altcoin. Predictions place XRP’s possible recovery target at an impressive $2.65.
XRP on the Cusp of a Potential Breakout to $2.65
In a recent post, Egrag Crypto analyzed the current price dynamics of XRP. He identified crucial zones that could act as breakout points, namely between $2.30 and $2.33, with the significant macro level fixed at $2.65. This comes after his previous assertions that XRP had completed a necessary bearish retest between $1.90 and $2.
According to Egrag, the immediate future for XRP hinges on whether the price can effectively breach the $2.08 barrier. Should it fail to do so, another downward test near $1.90 could be on the horizon. Conversely, a strong close above $2.08 in the coming hours would suggest that bullish movements are gaining momentum.
If XRP successfully closes above $2.08, it may catalyze a surge towards $2.30-$2.33 and aim for the macro target of $2.65. Egrag highlighted that achieving $2.65 could set the stage for a significant price movement that might see XRP aiming even higher. He has also indicated that should XRP reclaim $2.65, the next noticeable resistance level would be around $3.4.
Market Influences and the Final Shakeout for XRP
Another prominent analyst, CasiTrades, presents a more optimistic narrative regarding XRP’s recent downturn. She suggested that this decline is merely a consolidation and a final shakeout before a substantial rebound. CasiTrades pointed out the emergence of bullish divergences following XRP’s drop to the $1.90 mark, indicating signs of potential recoveries.
CasiTrades emphasized the correlations seen in Bitcoin’s price actions, suggesting that BTC’s recent movements have provided her with confidence regarding XRP’s bullish potential. According to her, Bitcoin has approached critical resistance levels, and its reaction will play a significant role in determining XRP’s trajectory. She noted similarities in behavior between the two assets, with both experiencing setups indicative of upcoming upward trends.
The analyst underlined an interesting scenario: if Bitcoin reacts positively around its $97,000 retracement while XRP is maintained above $1.90, this would create a powerful confluence of signals that could lead to significant market reversals. CasiTrades elaborated that such patterns are common as market participants search for momentum to reverse existing trends.
As of the latest updates, XRP is trading near the $2 threshold, reflecting a slight decline of over 3% within the last day, as reported by CoinMarketCap. Enthusiasts and traders alike are eagerly watching how XRP’s price develops in the coming days.
