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Popular crypto analyst, ‘Egrag Crypto’ took to X (formerly Twitter) to reveal three serious. XRP price targets for this bull cycle. Despite the stagnant price of XRP, the analyst revealed a price increase of up to 4,800% for the popular cryptocurrency.
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Major Resistance and Support Targets for XRP
On October 17, Egrag Crypto shared three main purposes of XRP price based on Channel B, a different boundary that XRP has struggled to break for years. In the monthly timeframe, XRP faces three main resistance targets support marks.
XRP price action inside Channel B prevention of the main levels of resistance which may determine whether the cryptocurrency can break out of its long term the assembly cycle. According to the analyst’s XRP price chart, the first major resistance level is seen around the $0.6450 price mark. In the past few months, XRP has risen above $0.6, making hopes of possible outbreaks but eventually dropped back to $0.5.
A significant breakout from the $0.6450 level may indicate potential bullish momentum, but it will remain within the limits of Channel B. The second price target, $0.85 is a key target that the XRP price has also struggled to maintain over the years. It also represents the average range of the entire XRP Channel B.
Finally, at the upper end of Channel B and highlighting the most important resistance level is the $1.1 level. A further break from this critical resistance could mean that XRP could finally break out of Channel B and rally to new levels.
Additionally, helping these three important resistance levels great levels of support. The first line of defense if XRP fails to hit $0.645 is the support level at $0.48. If the cryptocurrency again falls below $0.85, the next support can be seen at $0.38. Finally, if XRP fails to break the $1.1 resistance, it could find support towards a new low at $0.28.
XRP Bullish Price Target
While highlighting key resistance and support levels for XRP, Egrag Crypto also highlighted three bullish price targets for XRP if it can successfully close the monthly candle within Channel B. The first major breakout target sees XRP potentially rising to $7.5, at the Fibonacci retracement level of 1.236.
The target for the next major cycle is the Fibonacci retracement level of 1.414, and the price of XRP is likely to rise to $13 and mark. explosion of all times. The last and final objective of the cycle, according to Egrag Crypto, is the Fibonacci retracement level of 1.618. If XRP can reach this level, its price could rise to $27, which marks a significant increase for the cryptocurrency and could place it among the most efficient digital assets on the market.
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It is important to note that these predictions remain speculative, as the price of XRP at the time of writing is still trading at $0.54, according to CoinMarketCap.
Featured image from CPO Magazine, chart from TradingView
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