Analysts have identified key levels for the cryptocurrency XRP to reach $8, amidst a market consolidation period.
Monthly and Weekly Analysis
Analyst EGRAG emphasizes the importance of closing December on a bullish note, setting the tone for January. The $2.20 support level is critical, and closing below it could signal negative trends. On the weekly chart, the $2.44 level is pivotal. A weekly close above this level can lead to a rally in January and February 2025.
Analysis of Shorter Timeframes
The 3-day chart shows a struggle between buyers and sellers. Successfully defending the $2 mark is positive. The range between $2.17 and $2.53 is the current battleground. On the daily chart, a move towards $7.50 - $8.10 is expected if the current bullish trend continues. A significant move from Bitcoin could serve as the catalyst for XRP.
A Broader Perspective
Analyst CrediBULL notes the long-term potential for XRP. It is poised for a powerful Wave 3 rally, potentially hitting $8, with Wave 5 driving above $22. Support is noted at $2.17, with resistance at $2.52 and $2.90. Maintaining a price above $2 is crucial for a bullish structure.
Analysts agree that under certain conditions, XRP may reach $8. Attention should be given to key support and resistance levels.
