Top Trader Maps XRP Dip to $1.80, Then $5 Rally

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Top Trader Maps XRP Dip to $1.80, Then $5 Rally
  • XRP shows signs of a bullish breakout, with key resistance levels identified by analyst Egrag.
  • A close above $2.70 could signal a major upward move, potentially pushing XRP toward $5.
  • XRP must maintain support at $2.00 and $1.63 to avoid further downside risk.

XRP is showing signs of a potential bullish breakout despite current volatility. In a post on X, trader/analyst Egrag identified key resistance levels that could accelerate XRP toward $5 if the cryptocurrency holds above critical support levels.

Key Resistance Levels to Watch

According to the analyst, XRP is in a consolidation phase, with several key resistance levels to monitor. A close above $2.24 (near the 21-day EMA) would be the first sign of renewed strength.

Beyond that, the $2.30 level (Fibonacci 0.382 retracement) presents the next hurdle. Clearing this could open the path towards $2.47 (Fibonacci 0.5 level).

Related: What’s Going On With XRP? Court Oddity, Coinbase Futures Filing, Supply Dump Mix

The Ultimate Breakout Level & Target

The most crucial resistance, according to Egrag, is $2.70, where a key trend line intersects the Fibonacci 0.618 retracement. A decisive move above this threshold could trigger a significant bullish run towards new all-time highs. 

According to him, this level may possibly push XRP to target new all-time highs (ATH). Specifically, he cited that the Fibonacci 1.618 level could see XRP rally into the $5 range.

However, for this bullish scenario to play out, XRP must hold key support levels at $2.00 and $1.63. Failure to maintain these supports could lead to further downside movement. XRP is currently trading at $2.09, a 2.3% rise in the past day, reducing its weekly loss to 6.2%.

April Could Be Pivotal for XRP

Earlier analysis by Egrag suggests that April could prove to be a pivotal month for XRP. The analyst anticipates significant price swings before a final breakout to new highs. He predicts that XRP will likely test lower and higher ranges before experiencing a decisive upward move.

Related: Coinbase Moves to Offer XRP Futures Trading Through Self-Certification

The chart accompanying the analysis shows red arrows and boxes indicating potential downside testing zones, suggesting that XRP could dip to a new low between $1.90 and $1.79. However, the green zones represent potential support for the altcoin, with the decline expected to be temporary.

Once the downward wick completes, XRP is expected to retest higher resistance levels between $2.80 and $3.00. This zone will serve as a critical test for the asset, with buying pressure determining whether the cryptocurrency moves higher or continues consolidating.

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.

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