20 October 2024
Renowned crypto analyst, ‘Egrag Crypto’ took to X (formerly Twitter) to unveil three critical price targets for XRP in this bull cycle. Despite XRP price experiencing persistent stagnation, the analyst has projected a major price increase as high as 4,800% for the popular cryptocurrency.
Major Resistance And Support Targets For XRP
On 17 October, Egrag Crypto shared three major targets for the XRP price based on Channel B, a distinctive boundary XRP has struggled to breach for years. In the monthly time frame, XRP faces three primary resistance targets and three support marks.
XRP price action within Channel B is constrained by key resistance levels that may dictate whether the 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. Over the past few months, XRP has risen above $0.6, fueling hopes of a potential breakout but ultimately declining back to $0.5.
A significant breakout from the $0.6450 level could signal a potential bullish momentum, but it would still remain within the bounds 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 top end of Channel B and highlighting the most crucial resistance level is the $1.1 threshold. A sustained break from this critical resistance could mean XRP may finally escape Channel B and rally to new levels.
Additionally, assisting these key resistance levels are three major support levels. The first line of defense if XRP fails to hit $0.645 is the support level at $0.48. If the cryptocurrency also breaks down below $0.85, the next support can be seen at $0.38. Finally, if XRP fails to break through $1.1 resistance, it may find support around new lows at $0.28.
XRP Bullish 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 inside Channel B. The first major breakout target sees XRP potentially skyrocketing 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 surging to $13 and marking explosive all-time highs. The ultimate and final cycle target, according to Egrag Crypto, is the 1.618 Fibonacci retracement level. If XRP can reach this level, its price could skyrocket to $27, marking a monumental increase for the cryptocurrency and potentially positioning it among the top-performing digital assets in the market.
It’s important to note that these predictions remain speculative, as XRP’s price at the time of writing is still trading at $0.54, according to CoinMarketCap.
Featured image from CPO Magazine, chart from TradingView