Crypto market analyst Egrag Crypto has shared a technical chart of XRP/USD revisiting the asset's historical price cycles, pinpointing a potential breakout zone termed 'Chasm.'
Historical XRP Price Cycles
The chart outlines three distinct XRP market cycles. Cycle 1, beginning in early 2017, recorded a sharp rally from under $0.01 to approximately $3.24, a 2000.98% increase. Cycle 2, starting around April 2021, observed a smaller peak of $1.53, making a 420.44% rise from its local base. Egrag suggests that the third cycle is now unfolding in mid-2025.
Role of the Chasm Resistance Level
A red trendline labeled 'Chasm' crosses the upper bounds of previous cycle peaks, serving as a resistance level. Egrag highlights that this level is critical in validating the continuation of historical growth patterns. He states, 'If the chasm isn’t touched or bypassed, then there is something off,' but he affirms his confidence that this is not the case.
XRP Price Targets and Technical Indicators
Beneath the resistance trendline, Egrag identifies two main targets for Cycle 3. The first is a projected price level of $11.00, representing a 550.11% increase from current levels. The second is an extended target of $34.63, which would match the magnitude of Cycle 1’s rally, amounting to a 2000.21% gain. Both targets are measured from the current market structure, with XRP last trading around $3.50.
The chart suggests that XRP's performance in Cycle 3 will be evaluated against its ability to reach or exceed the $11.00 resistance near the Chasm, and eventually, the extended target of $34.63.
