Renowned crypto analyst, ‘Egrag Crypto’ took to X (formerly Twitter) to reveal three criticisms price targets for XRP in this bull cycle. Despite the price of XRP experiencing persistent stagnation, the analyst has projected a massive price increase of up to 4,800% for the popular cryptocurrency.
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Top Resistance and Support Targets for XRP
On October 17, Egrag Crypto shared three major goals for the XRP Price Based on Channel B, a distinct boundary that XRP has struggled to break for years. On the monthly time frame, XRP faces three primary resistance targets and three support brands.
XRP price action on Channel B is limited by key resistance levels which may dictate whether cryptocurrency can break free from its long-term consolidation cycle. According to the analyst’s XRP price chart, the first major resistance level is seen around the $0.6450 price mark. In recent months, XRP has risen above $0.6, fueling hopes of a potential leak but ended up refusing to go back to $0.5.
A significant break of the $0.6450 level could signal potential upside momentum, but would still remain within the confines of Channel B. The second price target, $0.85, is a key target that XRP price has also struggled to maintain over the years. It also represents a mid-range of the entire XRP Channel B.
Lastly, at the upper end of Channel B and highlighting the most crucial resistance level is the $1.1 threshold. A sustained break of this critical resistance could mean that XRP could finally break out of Channel B and reach new highs.
Additionally assisting these key resistance levels are three main support levels. The first line of defense if XRP fails to reach $0.645 is the support level at $0.48. If the cryptocurrency also drops below $0.85, the next support could be seen at $0.38. Finally, if XRP fails to break the $1.1 resistance, it could find support around new lows of $0.28.
Bullish XRP Price Targets
While highlighting key resistance and support levels for XRP, Egrag Crypto also emphasized 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 rocketing to $7.5 at the 1.236 Fibonacci retracement level.
The next major cycle target is the 1.414 Fibonacci retracement level, with XRP price possibly rising to $13 and marking explosive maximums of all time. The end target of the cycle, according to Egrag Crypto, is the 1.618 Fibonacci retracement level. If XRP manages to reach this level, its price could skyrocket to $27, marking a monumental rise for the cryptocurrency and potentially positioning it among the best-performing 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