Crypto analyst Egrag has provided insights into the current market conditions of the XRP price from a technical analysis perspective. He highlighted a critical support level for the crypto token and also reasserted his bullish prediction for XRP when the bull run returns.
XRP Could Rise To $2 From This Support Level
In a post shared on his X (formerly Twitter) platform, Egrag mentioned that XRP could rise to as high as $2 once it is able to hit the support level of $1.2. He shared an accompanying chart to drive home his point. From the chart, he noted that it was “intriguing” that XRP hasn’t managed to close a monthly candle above $1.2 yet.
Source: X
He further mentioned that so far, XRP has body candles, but a full-body candle hasn’t materialized. Despite that, the crypto analyst is still bullish on the future trajectory of XRP. He confidently said that XRP will hit $2 once XRP “finally achieves a monthly candle close with a full body above $1.2.”
Considering that many seem to be losing hope in XRP’s potential, Egrag suggested that this move will provide renewed hope as he is convinced that it will trigger a “massive FOMO.” Meanwhile, those who have continued to remain steadfast will be hoping that Egrag’s prediction comes true as they believe that XRP is long overdue for a significant rally.
Egrag had previously mentioned that XRP hitting $27 is a “plausible target,” considering that XRP saw a parabolic move back in 2017, with the token seeing a 61,000% gain in 280 days. He once again reasserted his bullish stance as he stated that he still has his sight set on the $27 mark.
Token price fluctuates | Source: XRPUSD on Tradingview.com
XRP Price Retesting Trendline
Crypto analyst JD also recently shared an outlook of XRP on the charts. He mentioned in an X post that XRP broke out of the multi-year trendline on the Non-Logarithmic Scale. Following that, XRP is currently retesting the trendline.
As to what the future holds for XRP, he noted that a bounce-off on the weekly close is bullish, as that could signify a breakout or retest. However, a break below the trendline could be a false breakout.
Source: X
Meanwhile, another analyst, Crytoes, recently noted that the bears are still in control when it comes to the XRP market. He made this statement following XRP’s daily close below the 21MA (Moving Average).
At the time of writing, XRP is trading at around $0.62, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Watcher Guru, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
