A market expert now suggests XRP is making another push, highlighting key price levels to monitor.
Experts are forecasting that XRP may be on the verge of another bullish rally, with potential price targets reaching around $3, contingent on key support levels and overall market dynamics.
Recently, XRP has been trading within a defined range after its impressive rise to $2.85, a seven-year high.
Following this peak, bearish sentiment took over, driving the price down to retest the $2.10 mark.
Despite this pullback, many XRP enthusiasts remain optimistic, believing that a fresh rally could soon push the price beyond its all-time high.
Analyst “Altstreet Bet” notes that XRP is “going at it again,” highlighting a chart that suggests an impending breakout following four days of price consolidation.
This analyst anticipates a significant upward wave that could propel XRP back into the $3 price range.
Adding to this bullish sentiment, expert MichaelXBT points out that XRP is currently retesting a previously broken channel, which could serve as a vital support level.
He believes that the next upward movement is likely imminent.
Technical analyst Casi Trades provides a detailed examination of XRP’s potential future movements, outlining two distinct scenarios:
- ABCDE Scenario: Casi suggests that if XRP can find support at the 0.236 Fibonacci retracement level (around $2.312), it could trigger a wave that might elevate the price to $3.74. This target aligns with the 0.618 extension of the fifth wave, signaling strong bullish momentum. Should XRP break above its all-time high, a subsequent test of that support level could pave the way for further gains.
- ABC Path Scenario: Alternatively, Casi presents a more cautious outlook, projecting that XRP may undergo a deeper correction. In this scenario, XRP could dip to the 0.382 retracement levels, potentially falling between $1.94 and $2.04. If this occurs, the next upward movement could aim for the $3.50 mark. A successful breakout above this level, coupled with a solid retest of support, would indicate a strong likelihood for a more significant surge.
Casi’s overall perspective remains highly optimistic, suggesting that the recent bullish trend may just be the beginning of a more substantial upward trajectory.
She emphasizes that the critical price levels between $3.50 and $3.74 will be crucial in determining XRP’s next major move.
A clean break above the all-time high, followed by a successful support test, would be the ideal scenario for XRP to avoid significant resistance and facilitate further price increases.
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Also Read: AI Now Provides Best Short Term And Long Term XRP Scenario
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