Crypto analyst Egrag Crypto has outlined three key targets for XRP, including $31, signaling that the altcoin could reach double digits at some point. This comes as XRP eyes a parabolic surge to the upside amid a 2-week ceasefire agreement between the U.S. and Iran.
Analyst Outlines Three Key Zones For XRP
In an X post, Egrag Crypto outlined $7, $10, and $31 as the top Fib 1.618 targets for XRP. The analyst described these levels as battle zones, signaling that this is where the altcoin could face significant resistance as it eyes higher price levels. He also noted that these are not random levels but that they define the true support framework.
In another X post, Egrag Crypto highlighted a Descending Broadening Wedge pattern, which signaled that an expansion was on the horizon for XRP. He noted a strong base holding around $0.90 and compression near the upper boundary, indicating that pressure is building.
Related Reading: The Last Time XRP Made This Move Against Bitcoin, It Led To A 500% Increase To $3.3
The analyst stated that the probability of a bullish expansion for XRP is between 55% and 60%. He further remarked that a break above $3.30 will lead to rallies to $5, $8, and $13. On the other hand, Egrag Crypto warned that there is a 40% to 45% chance of a fake breakdown, in which XRP could sweep below $0.90, then reclaim this level and record a parabolic surge.
Meanwhile, he gave a 10% to 15% probability of a full failure, in which XRP breaks its current structure, and no reclaim occurs. Egrag Crypto noted that a Descending Broadening Wedge pattern is not weakness but rather “controlled chaos before expansion.” The analyst added that the longer this pattern coils, the more violent the move 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 a volatility expansion rather than a random range.
Price Could Still Drop To $0.87
Crypto analyst CasiTrades has warned that XRP could still drop to $0.87 on the last wave to the downside. This came as she stated that price has failed to make a new high and has instead printed a clean 5-wave right into resistance. She added that a bearish divergence has formed, signaling weakness and exhaustion at resistance.
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XRP could drop to $1.13 on the first wave down, then see a small relief before it continues toward $1.08, which is the macro .786 support. CasiTrades stated that the altcoin could see another chop or relief bounce before breaking lower into the $0.87 range, which is the macro .854 support.
At the time of writing, the XRP price is trading at around $1.38, up over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
