XRP continues to draw attention from traders as its price action hovers at a crucial level, signaling the potential for a significant move. According to EGRAG CRYPTO, a respected market analyst, XRP’s current position above the $1.75 support level aligns with the top of the Gaussian Channel, a significant technical indicator.
The analyst has emphasized that maintaining this level is essential to sustaining the bullish structure forming around XRP. A break below it would lend credence to the reversal of the current trend, whereas remaining on the surface would point out the continuation of a long-term rally.
EGRAG CRYPTO’s recent chart updates introduced a symbolic “kangaroo” figure, representing XRP’s historical bounce from critical levels before major price surges.
This is the same trend that was witnessed when there were other rallies and one that we now seem to be taking the shape of again, which would, therefore, mean that there is the possibility of an upward movement.
His observations are consistent with the previous signs of bear traps, which suggest recent pullbacks could have been false bear traps preparing a bullish leg.
Source: EGRAG CRYPTO
Also, the Exponential Moving Average (21 weeks) is still considered a crucial parameter in determining the strength of the XRP trend. EGRAG CRYPTO reported that the price consolidation around the EMA was still a healthy structure.
Nevertheless, a close below it weekly would dent the big picture and may mark the beginning of a short-term correction.
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Resistance Targets and Wave Projection Signal Possible Upside
The resistance currently stands at $2.33, with a break above $2.65 expected to trigger a broader bullish confirmation. EGRAG CRYPTO has identified this level as the macro “GO/GO” signal, representing the gateway to higher price zones.
Source: EGRAG CRYPTO
According to his Elliott Wave analysis, XRP appears to be entering the final impulse phase, or Wave 5. Based on past Fibonacci-generated returns, the analyst foresees a possible 477 percent future appreciation relative to the Wave 4 base.
The current forecast identifies the next price target of XRP as being valued between the price regions of $7 and $10, with the middle price region being considered at $7.62.
Source: EGRAG CRYPTO
Although other analysts, too, expressed some caution in the short term, EGRAG CRYPTO asserts that the trend will continue. As long as XRP does not fall below the Gaussian Channel and continues to respect the 21-week EMA, the bullish setup will presumably remain true.
He also reminded that July will be a key month for XRP. If the price breaks out of this range, the pattern’s resemblance to the 2017 bull run will be confirmed.
Market participants are closely monitoring XRP as it navigates through critical technical zones. While short-term pullbacks remain possible, current indicators suggest a strong chance for an upward continuation if XRP maintains its position above the highlighted levels.
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