XRP’s price action over the past week has been limited to a trading range as investors look to recover the losses they suffered at the beginning of February. This range reflects the current indecisiveness surrounding XRP’s price. In light of this, prominent crypto analyst EGRAG CRYPTO has provided an in-depth analysis of XRP’s price trajectory moving forward. Notably, the analyst has identified key support and resistance levels that may influence XRP’s movement at various stages.
XRP’s Lower Price Targets Indicate Key Support Levels
In a recent commentary shared on X, EGRAG CRYPTO suggested that recent price fluctuations might suggest instances of market manipulation, resulting in the liquidation of leveraged traders before a potential rebound. This analysis follows the considerable downturn witnessed in the first few days of February when XRP’s price fell below $3, establishing a temporary bottom at $2.12. This decline was marked by a wick that triggered a wave of liquidations among leveraged traders.
Despite these challenges, the analyst asserts that as long as XRP’s price remains above a certain blue channel on the chart provided below, the outlook for its price trajectory remains optimistic. Consequently, EGRAG CRYPTO has outlined several lower targets that represent significant support levels, stressing that a close below any of these could indicate a lack of strength.
While price wicks may occur, the integrity of the bullish structure appears to remain in place as long as XRP’s price does not close below these pivotal levels. The identified support levels include $2.21, $2.00, $1.80, $1.74, and $1.60. A break below the lowest support at $1.60 could signify a pivotal shift in market sentiment and may result in a deeper price correction.
Upper Targets Signal Potential Bullish Breakout
On a more optimistic note, EGRAG CRYPTO has outlined upper price targets that could affirm a robust breakout if XRP manages to close above them. The identified targets are $2.62, $2.75, $2.94, $3.22, and $3.40. Significantly, XRP has previously traded above these targets during this cycle and has even managed to close above the first four targets on a daily timeframe.
The analyst notes that the higher XRP closes above these targets, the more bullish the outlook becomes, especially in longer timeframes. Achieving a breakout and closing above $3.40 would mark the cryptocurrency’s first new all-time high in over seven years. Moreover, the price action within the $2 to $3.40 range may simply represent market noise, indicating that sustained closes above these resistance levels are the crucial confirmations needed.
As of the writing of this article, XRP is trading at $2.55, reflecting a 4.6% increase over the past 24 hours. This upward trend positions XRP closer to testing the first breakout target of $2.62.
