Crypto analyst Egrag Crypto has outlined three key targets for XRP, including $31, indicating the altcoin could reach double digits at some point. This comes as XRP sees a parabolic surge to the upside amid a two-week ceasefire agreement between the US and Iran.
Analyst Outlines Three Key Zones for XRP
In one X messageEgrag Crypto outlined $7, $10, and $31 as the top Fib 1,618 targets for XRP. The analyst described these levels as combat zones, indicating that this is where the altcoin could face significant resistance higher price levels. He also noted that these are not arbitrary levels, but they define the actual support framework.
In another X messageEggrag Crypto highlighted one Descending Widening wedge patternindicating that an expansion was on the horizon for XRP. He noted a strong base position at around $0.90 and compression near the upper limit, indicating that pressure is increasing.
Related reading: The last time XRP made this move against Bitcoin, it led to a 500% surge to $3.3
The analyst stated that the probability of a bullish expansion for XRP is between 55% and 60%. He further noted that a break above $3.30 will lead to rallies towards $5, $8 and $13. On the other hand, Egrag Crypto warned that there is a 40% to 45% chance of a fake slump, where XRP could fall below $0.90, then regain this level and register a parabolic rise.
Meanwhile, he gave a 10% to 15% chance of complete failure XRP breaks the current structureand no refund will take place. Egrag Crypto noted that a Descending Broadening Wedge pattern is not a weakness, but rather a “controlled chaos before expansion.” The analyst added that the longer this pattern continues, the more violent the movement will be.
The key levels for XRP are $3.30 and $0.90, which Egrag Crypto described as the “trigger” and “line in the sand” respectively. He concluded that the current setup is an extension of volatility and not a random sequence.
The price could still drop to $0.87
Crypto analyst CasiTrades has warned that XRP could still fall to $0.87 on the latest downturn. This came as she stated that the price has failed to reach a new high and instead printed a zero 5-swing straight into the resistance. She added that a bearish divergence has emerged, indicating weakness and exhaustion at resistance.
Related reading
XRP could fall to $1.13 on the first wave down, then see a little relief before continuing towards $1.08, which is the macro support at .786. CasiTrades stated that the altcoin could bounce again before breaking lower in the $0.87 range, which is the macro support at .854.
At the time of writing, the XRP price is trading around $1.38, up over 5% in the last 24 hours. facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com