Analyst Shares Upper And Lower Targets For XRP Price
XRP’s price action in the past seven days is Limited to transaction scope As investors hope to recover their losses incurred in early February. This range is the result of current indecision in XRP prices. But popular crypto analyst Egrag Crypto offers a detailed breakdown of the XRP price trajectory from here. In particular, analysts highlight the key support and resistance levels that can determine XRP Move in each stage.
XRP’s lower price targets indicate key support levels
share His insights on X, Egrag Crypto noted that recent price action shows that market manipulation is playing a role in liquidating leveraged traders before the rebound. His observations Follow the sharp downturn In the first three days of February, XRP fell below $3 and found a temporary bottom of $2.12. Furthermore, this decline includes a wick, leading to a wave of liquidation among leveraged traders.
Related Readings
However, analysts insist that as long as XRP remains above a certain blue channel on the XRP chart below, Outlook remains positive for its price trajectory. With this in mind, Egrag Crypto offers a lower set of goals that are key support levels, emphasizing that closing them with any of the following could indicate weakness.
Despite the possible price core, analysts believe that the integrity of the bullish structure remains intact as long as the XRP price falls below these levels. These support levels are $2.21, $2.00, $1.80, $1.74, and $1.60. Rest and close with a minimum support of $1.60, which may indicate a final shift in mood, Lead to deeper price corrections.
Potential bullish breakthrough on target signal
On the bullish sideEgrag Crypto outlines the upward targets, and a strong breakthrough can be confirmed if XRP successfully shuts them down. Analysts identified these targets at $2.62, $2.75, $2.94, $3.22 and $3.40. It is worth noting that XRP has surpassed these price targets in this cycle, and even closed the first four targets in the daily time frame.
Related Readings
Egrag Crypto notes that the higher the price exceeds these targets, the more outlook is, especially on a longer timeline. Breakthrough and closing above $3.40 will mark the first time that cryptocurrency has A new climax In more than seven years. . Additionally, analyst prices between $2 and $3.40 may be just market noise. Therefore, a continuous closure is all the confirmation required.
At the time of writing, XRP is trading at $2.55, reflecting a 4.6% increase in the past 24 hours. This upward movement brings XRP closer to testing the first breakthrough goal of $2.62.
Featured images from Pexels, charts from TradingView.com
