XRP could be on the verge of a major rally, with crypto analyst Egrag Crypto predicting a surge to $17. His latest analysis suggests that XRP’s bullish pennant formation remains intact, signaling a potential breakout. However, he cautions that a confirmed rally will only be validated once XRP closes above $3.40.
Key Technical Levels for XRP’s Potential Rally
Egrag Crypto outlines two price targets based on technical analysis. The first, a conservative estimate, places XRP at $15, calculated from the lower end of the pennant’s pole leg. The second, a more bullish scenario, projects XRP reaching $17, based on the measured move from the top of the pennant.
The analyst also highlights a critical support level, marked by a yellow trendline. As long as XRP respects this support, the bullish outlook remains valid. However, a break below this level could indicate a sharp downturn, shifting market sentiment toward bearish territory.
Can XRP Reach Triple Digits?
This optimistic forecast comes shortly after Egrag Crypto suggested XRP could reach $110 in the next market cycle. Similarly, analyst Andrei Jikh has pointed to fundamental catalysts, such as the possible resolution of the Ripple lawsuit, as a factor that could propel XRP to $100.
Short-Term Outlook: Rally to $3.35?
Another analyst, Ali Martinez, has identified a cup-and-handle pattern forming on XRP’s chart, hinting at an imminent move to $3.35. This bullish structure suggests that a breakout could be near, setting the stage for higher price targets.
Regulatory Tailwinds for XRP
XRP’s recent surge of over 13% in the past week is also fueled by regulatory developments. The U.S. Securities and Exchange Commission (SEC) recently acknowledged filings for Grayscale’s XRP ETF and 21Shares’ XRP ETF. Many in the crypto community see this as an implicit acknowledgment that XRP is considered a commodity rather than a security.
With strong technical indicators and growing institutional interest, XRP’s path to $17 appears increasingly possible. However, traders should watch for a breakout above $3.40 for confirmation. If bullish momentum continues, XRP could be on track for one of its most significant rallies yet.
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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