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- XRP holds key support levels, with analysts predicting a breakout that could push prices to $8.5 or even $27.
- Historical trends suggest XRP could follow a 2017-like pattern, potentially reaching between $27 and $222.
- Market sentiment remains divided as traders await confirmation of XRP’s next move, with bulls and bears in a standoff.
Ripple (XRP) continues to demonstrate a range-bound movement while still holding some crucial support levels for the token. In a recent X post, Egrag highlighted that XRP is poised for the next major price shift. XRP has retested the Bull Market Support Band and has been stabilizing around the Fibonacci level 0.888. The current price range between $2.00 and $3.40 suggest that there is congestion prior to breakout.
XRP Eyes Next Rally
A break above the current levels would imply that ‘bulls’ are in full control, and could push XRP to $8.5 to $13 in the next signal. These targets correlate with Fibonacci 1.272 and 1.414, two points that have been important in large correction bounces in the past. If the rally continues even beyond this level, Fibonacci projections show that XRP as high as $27 could be achieved. The consolidation continues to extend as the price targets the next significant direction in the short term.
To support this bullish scenario, the following historical trends must be taken into consideration. In 2017, XRP also had a pattern and formed a Fibonacci extension 1.618 and slightly bounced back and went parabolic.
In the long term, similar pattern might bring XRP to $27 and $222. By comparing the structure of the prices to the previous market cycles, various analysts pointed out several similarities to the current one. As of press time, XRP is trading at $2.51, up by 5.19% over the past day.
Bulls vs Bears on XRP
However there is a lot of scepticism about this in the market still. Some investors are skeptical about XRP attaining such high prices because of the market capitalization issue. Egrag dismisses these doubts by proposing that utility-driven assets have a different mode of valuation. He expects long-term investors to do better than short-term speculators like those witnessed in the previous cycles.
Traders technically remain split as they wait for his next move on its price trend over the digital currency. Such an event may bring more people into the market as buyers if the breakout is confirmed.
Nevertheless, bears might put pressure on the commodity and force it to prolong the entrenchment below key levels before another run up can occur. The next few weeks are highly crucial for XRP in order to maintain the bull run for the token.
