XRP is approaching crucial price levels that could determine the next big movement for the cryptocurrency. In a recent post on X (formerly Twitter), crypto analyst Egrag shared key resistance and support levels, highlighting how these ranges may shape XRP’s future trajectory. With the market on edge, traders are closely monitoring whether XRP will break free from its current consolidation or slide back to lower support zones.
Support Levels To Watch
Egrag identified three important support levels at $0.48, $0.38, and $0.28, warning that a breach below these could lead to deeper losses. These points are critical for XRP to maintain its current position. Should the price dip below these thresholds, the market may see further bearish action.
However, investors are keeping a close eye on XRP’s ability to hold its ground. The real question is whether it will gather enough momentum to challenge the upper resistance levels and kickstart a bullish rally.
Egrag’s analysis offers some exciting long-term forecasts, suggesting that XRP could skyrocket to $7.50, $13, or even $27 if it breaks out of its consolidation channel. These targets are based on Fibonacci retracement levels, often used by traders to identify potential price reversals and upward momentum.
But one major hurdle remains: Channel B—a price range XRP has struggled with on the monthly chart since 2017. Even after the July 2023 rally, XRP has failed to secure a monthly close above this range. A breakthrough here could pave the way for significant gains.
Key Resistance Levels – $0.85 and $1.10
The two key resistance levels XRP must overcome are $0.85 and $1.10. These zones have proven challenging for the cryptocurrency in recent attempts. If XRP can close above Channel B’s critical level at $0.85, analysts believe it could signal the beginning of a fresh upward trend.
At the time of writing, XRP is trading at $0.5519, marking a 1.25% increase in the last 24 hours. The market is now watching closely to see if the price will continue its upward momentum or face another pullback.
Also Read: XRP Price Surges 2.6% As Gary Cardone Teases ‘Launch’ – Will It Hit $0.66?
Another factor that could influence XRP’s movements is RLUSD, Ripple’s stablecoin. Egrag suggests that RLUSD could strengthen XRP’s market structure, much like how USDT supports Bitcoin. This development could provide further stability and drive XRP’s market dynamics in the coming months.
The Next Few Weeks Are Critical
With XRP trading near pivotal levels, the pressure is mounting. Will the cryptocurrency push through resistance and surge higher, or will it drop to its lower support zones? The outcome will likely play out in the coming weeks, making this a crucial period for traders and investors alike.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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