- Analyst Egrag predicts XRP could reach $4.60 based on an Inverse Head and Shoulders pattern.
- XRP must maintain support at $2 and flip $2.65 into support for bullish momentum.
- Veteran trader Peter Brandt warns of a bearish pattern that could lead to a drop to $1.07.
In a recent tweet, crypto analyst Egrag shared a promising technical outlook for XRP, revealing key price targets and a potentially bullish chart formation developing.
Egrag highlighted a key Inverse Head and Shoulders (I H&S) pattern to argue that XRP’s price action is shaping up for a potential breakout. According to the analysis, this formation remains valid until April 20, 2025, and could lead to a notable rally.
Key Levels to Watch for XRP
Currently trading around $2.10, XRP is at a crucial level where maintaining support at $2 is essential. A breakdown below this level could lead to a temporary dip. However, he also suggested a quick rebound could occur if a “fair value gap” (a technical price inefficiency) gets filled on the chart.
For bullish momentum to build, XRP first needs to reclaim and flip the $2.65 level into solid support. A subsequent break above the major resistance near $3 could then confirm a larger uptrend is underway.
Related: XRP Price March 30: Holding Critical $2.10 Support Key for Bounce
Beyond this, the price must close above the $3.20 to $3.40 range to maintain the upward trajectory. If these levels hold, XRP could surge toward $3.73–$3.90, aligning with the upper end of the channel in the technical analysis.
Related: XRP’s $2.22 Support Test: Make-or-Break Level for a Bullish $15 Scenario
Should momentum continue, $4.60 emerges as a major upside target. However, Egrag cautions that reaching this level could lead to a distribution phase. Notably, this is a phase where large players might start offloading their holdings to take profits, potentially triggering a reversal.
Peter Brandt’s Counter View: Bearish Pattern Targets $1.07
Offering a direct counterpoint, while Egrag sees a bullish inverse head and shoulders pattern, veteran trader Peter Brandt has identified a bearish head and shoulders pattern forming on XRP’s daily chart. He argued that this pattern could lead to a potential price drop to $1.07.
Brandt highlighted key levels to watch: a break below $1.90 would confirm the bearish trend, while a surge past $3 would invalidate it.
As of today, XRP’s price has already dipped by 5%, bringing its weekly performance to a substantial loss of 12.21%.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
