XRP Must Close Above This Level For Bullish Breakout: Analyst
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XRP has been struggling to gain momentum since early March, and its prices have fallen. XRP has Try to push up It hasn’t been completely in full swing in the past five days when it hit a low of $1.93 on March 11 Make up for its losses In the first week of the month.
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Altcoin’s long-term prospect is Still bullish speculationbut its short-term price action frustrated traders looking for signs of breakthroughs. In this stagnation, crypto analyst Egrag Crypto outlines specific price levels that determine whether XRP ultimately reverses its course.
Analysts identify $2.65 as a key level before XRP can challenge $3.00
Egrag Crypto is a long-term bullish advocate for XRP and recently visited the social media platform X Overview of key price levels This can determine the next big move for cryptocurrencies. He identified $2.65 as the first key threshold for the coin to retract to maintain meaningful bullish momentum. However, analysts expressed concern about the repeated test of XRP, which refers to the recent $1.93 bottom.
According to analysts, the frequent retest of this support level is a double-edged sword. While multiple touches to the resistor will eventually trigger a breakthrough, the supported repeated tests weaken its integrity and increase the likelihood of a crash. He likens this pattern to knocking on the door, which will eventually open or break. He highlighted six instances of XRP Retest the area Since December 2024, in the 12-hour candlestick chart, long-term weaknesses may pave the way for further shortcomings.
To get cryptocurrencies to escape this cycle and move to bullish territory, Egrag stressed the importance of a powerful closure over $3.00, not just a brief move. This level has been the upper trend line for the past two weeks and has been a barrier to any sustained upward trend. Failure to break and stay above $3.00 may continue to correct in the near term and put XRP within its current range.
However, analysts believe that XRP’s chances reach $3.00, taking into account current price action, without ensuring a closing price of more than $2.65.
image From X: Egrag encryption
What’s next for XRP after $3?
March is particularly bearish for XRP, with the seller remaining in control as it failed to reclaim the lost ground. However, if XRP Bulls manages to close above $3 before the end of the month, it will open the door to a recovery price rally. With that in mind, Egrag sets its initial target to $4.80, putting XRP at new all-time highs.
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Interestingly, the goal is modest compared to analysts’ more ambitious long-term forecasts. egrag It has been predicted before XRP could soar to $110 in the long run. At the time of writing, XRP is trading at $2.37, which is still 26.5% away from reaching $3.
Featured images from encrypted logos, charts for TradingView
