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- XRP is up 26.37% in the last week, with a 24-hour trading volume of $10.64 billion, signaling strong market interest.
- Analyst Egrag Crypto predicts that a breakout above $3.65 could trigger a major rally, with price targets up to $23.
- A break above the $3.65 resistance could mark the start of a new upward move, driving significant price gains.
As of press time, XRP is trading at $2.88, showing a 3.32% decrease over the past day. The cryptocurrency has grown by 26.37% in the last week, indicating a good upward trend. The 24-hour trading volume is $10.64 billion, with an increase of 1.32%, which is also a confirmation of market activity and faith in the asset.
Source: CoinMarketCap
Analyst Egrag Crypto predicts XRP at a price of $3.65. This price is considered a danger mid-cycle top, a price where a major price movement would occur once penetrated. Analysts think that a move above $3.65 may trigger an aggressive move to the upside, with XRP being on track to hit higher price levels soon.
XRP’s Potential Breakout
The chart analysis by Egrag is evident in the XRP cycles. Cycle 1 in 2013 exhibited a definite cycle top and the mid-cycle tops. Even later cycles, such as Cycle 2 and Cycle 3, XRP was reaching major technical levels, including blue and green ribbons, indicating powerful bullish setups. XRP is in a Bullish Pennant formation, which is another strong indication of remaining bullish.
Source: X
The new trend also indicates that the XRP might still be in a bullish trend. In the monthly timeframe, the coin just rebounded off the 9 Simple Moving Average (SMA). This breakout is interpreted as a good indicator which means that XRP might explore new heights within the upcoming months. The attention is now diverted to the price level of $3.65, which stands as a resistance. A break above this price level can be seen as the start of a new upward move.
Source: X
XRP Price Targets Ahead
Analyst offers two price targets for XRP. A bullish XRP has the potential to reach new heights as the coin may hit an all-time high of $23 in the case of a full-pole, whereas a conservative estimate of the coin may rise slightly to $16. The deciding factor will be whether or not XRP is able to maintain its position above the $3.65 level to dictate which target will be achieved.
Source: X
The community of Ripple is still hopeful. Although XRP has recently experienced volatility, there is a belief that the coin is about to make a major rally. The next few days will be crucial in dictating the long-term strategy of Ripple, as the market keeps a keen eye on the movement.
XRP traders and investors will be keen on its probabilities of surmounting major resistance levels. If it succeeds, Ripple may undergo dramatic price increases, making it a significant asset to observe in the crypto market.
