Crypto analyst Dom has provided an update on what could cause the next XRP price surge. He highlighted a key level that the altcoin needs to regain in order to rise to $2.50, which would mark a new high since the October 10 liquidation event.
XRP price needs to regain this level to trigger a new wave
In one X messageDom stated that the XRP price needs to regain the monthly rVWAP around $2.22 as that would be the shift for a rally towards $2.50. This came as the analyst revealed that an inverse of the XRP chart over the past six weeks shows a perfect 3-drive pattern, which is a very accurate representation. reversal arrangement in cryptography.
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Dom also stated that a higher low has finally been reached, which could indicate the first signs of a trend change. He added that the order books are clear and there was no better time to reverse this trend the XRP price. If the scheme fails, the analyst noted that sub-$2 adoption is next and price action could turn ugly by year’s end.
Crypto analyst Egra Crypto also recently highlighted the key levels to look out for for the XRP price. He stated that a close above $2.60, which is above the Fib 0.5, is bullish but does not mean the altcoin is completely out of the woods. Moreover, he claimed that a close above $3.40, which is above Fib 0.888, is super bullish and would mean the altcoin is in a bull market again. On the other hand, a close below the 21 EMA could spell trouble for XRP, according to the analyst.
A breakout to $2.75 could be in play
In one X messageCrypto analyst Ali Martinez stated that a break to $2.75 could happen if the XRP price breaks above $2.28. Its accompanying chart suggested that a rally to this $2.75 level could open the door for a continued rally for the psychological $3 level. In the meantime, Martinez warned that XRP could drop to $1.2 if it falls below the key support level at $2.
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Crypto analyst CasiTrades has predicted a final decline for the XRP price before it reaches new highs. She outlined two scenarios for the altcoin after backtesting the $2.04 level. The analyst stated that a double bottom could form around $1.80, or the altcoin could see a deeper move towards the macro support at $1.64, 0.618. However, it is worth mentioning that XRP successfully broke above the $2.04 level, which could invalidate this setup.
At the time of writing, the XRP price is trading around $2.18, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com