Analyst EGRAG CRYPTO, known for long-term bullish views on XRP, shared new analysis regarding the token's key resistance level. This article examines important aspects of his forecast and potential scenarios.
Key Resistance Level for XRP
According to EGRAG's analysis, XRP is at a critical level that could determine its movement for months or even years. The analyst identified a resistance level in the range of $3.40 to $3.50 that the token has failed to break through on multiple occasions. This moment's significance lies in the rising triangle pattern, where the price has been showing higher lows while repeatedly hitting the same ceiling around $3.40.
Potential Development Scenarios
EGRAG outlined two distinct scenarios that could unfold. If XRP is rejected at the $3.40 level once again, historical data suggests a potential drop of around 85%, returning the price to the range of $0.40 to $0.50. Conversely, if the token finally breaks this resistance, the analyst estimates it could reach significant levels between $10 and $27, with a base scenario at $24. EGRAG's analysis is framed within the broader context of the tokenization of traditional markets.
Market Sentiment Around XRP
Market sentiment surrounding XRP remains divided. Bulls point to ongoing regulatory clarity and institutional adoption, while bears are concerned about regulatory risks and competition from other cryptocurrencies. EGRAG emphasizes that his analysis is based on specific technical levels and price targets rather than hope. The $3.40 level has been tested multiple times and represents a genuine barrier, and the coming weeks may determine whether XRP breaks through this level or faces another correction.
The key resistance level at $3.40 for XRP represents a pivotal moment for its future. Influential analysts like EGRAG CRYPTO highlight the need to monitor the situation, as this level will dictate the token's next movement.
