Crypto analyst Egrag Crypto has outlined three key targets for XRP, including $31, signaling that the altcoin could reach double digits at some point. This comes as XRP sees a parabolic upward rally on the back of the two-week ceasefire agreement in between USA and Iran.
The analyst presents three key zones for XRP
In Post XEgrag Crypto has identified $7, $10, and $31 as the high 1.618 Fib targets for XRP. The analyst described these levels as battle zones, signaling that this is where the altcoin could face significant resistance as it looks at higher price levels. He also noted that these levels are not random, but define the true framework of support.
In another Post XEgrag Crypto highlighted Descending expanding wedge patternwhich signaled that XRP expansion was on the horizon. He noted a mighty base holding around $0.90 and compression near the upper limit, indicating mounting pressure.
Related reading: The last time XRP made this move against Bitcoin, it led to a 500% surge to $3.3
The analyst stated that the probability of a bullish expansion of XRP is from 55% to 60%. He then noted that a break above $3.30 would lead to gains to $5, $8 and $13. On the other hand, Egrag Crypto warned that there is a 40% to 45% chance of a false break that could see XRP drop below $0.90, then regain that level and experience a parabolic rally.
Meanwhile, he gave a 10% to 15% probability of complete failure in which XRP is breaking its current structureand no recovery occurs. Egrag Crypto noted that the descending widening wedge pattern is not a weakness, but rather “controlled chaos before expansion.” The analyst added that the longer this pattern continues, the more violent the move will be.
The key levels for XRP are $3.30 and $0.90, which Egrag Crypto described as a “trigger” and a “line in the sand”, respectively. He concluded that the current configuration is an expansion of variability rather than a random range.
The price could still drop to $0.87
Cryptocurrency analyst CasiTrades warned that XRP could still fall to $0.87 after the recent wave of declines. This came after it concluded that the price had not made a modern high and instead printed a spotless result 5-wave straight into resistance. She added that a bearish divergence has formed, signaling weakness and exhaustion of resistance.
XRP may fall to USD 1.13 on the first wave of declines, after which there is a slight relief and then a continuation towards USD 1.08, which is the macro support at the level of 0.786. CasiTrades said the altcoin could see another decline or rebound before falling to the $0.87 range, which provides macro support at 0.854.
At the time of writing, XRP is trading around $1.38, up over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
