- XRP’s next move depends on breaking key support or resistance.
- Upper target of $3.30 crucial for XRP’s bullish breakout.
- Lower support at $2.85 could signal potential XRP price dip.
XRP is positioning itself for a potential move, with both bullish and bearish scenarios in play. According to Egrag Crypto, the price of XRP is at a critical juncture, where key support and resistance levels will determine the next significant price move.
The analysis focuses on identifying both the upper and lower targets for XRP, as it continues to consolidate within a symmetrical triangle pattern.
Lower Target: Key Support Zone at $2.85
The lower target for XRP rests at the $2.85 level, which is seen as a strong support zone. If the price dips below $3.00, a potential retest of this support is likely. However, if the price does not support itself above $2.85, additional losses might be experienced.
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This area is crucial for preventing a deeper correction and maintaining the bullish outlook for XRP. If XRP manages to maintain support in this region, a rebound could occur, allowing the price to resume its upward movement.
Upper Target: Break Above $3.20 to Trigger Upward Movement
On the flip side, the upper target remains at $3.20, with the potential for XRP to push higher if this level is breached. An upside move over and above $3.20 would indicate that XRP is about to shoot up to the next established resistance of $3.30.
The symmetrical triangle may break out, leading to a significant upward trend, which is why the level of $3.30 is a crucial price point to follow.
Egrag Crypto’s analysis emphasizes the importance of holding above the $3.00 support level. If XRP continues to stay above this level on the daily and 3-day scale, the likelihood of an upward breakout is not lost.
Nonetheless, any reduction below the level of $3.00 would be a sign of a momentum change, and the price might fall even further. As XRP continues to consolidate, these upper and lower targets will play a pivotal role in shaping the next phase of price action.
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