Recent analysis of XRP highlights the importance of the current market moment and technical levels that could forecast significant changes for the cryptocurrency.
Technical Setup: Bulls in Control
Crypto analyst Egrag Crypto spotlighted a pivotal moment in XRP’s ongoing rally. In a recent post, he emphasized that the current three-day candle opened above the Fibonacci 0.702 level, signaling potential bullish momentum. He noted that, despite a small wick, this can be ignored if XRP closes above $3.010 within the next 16 hours, which could lead to the formation of a new all-time high.
Importance of Closing Above $3.010
Egrag stressed that the price must close above the March 2nd high of $3.010 to confirm a breakout. If this happens, XRP could move toward uncharted territory, with other analysts noting potential short-term targets between $4 and $6. Longer-term forecasts range from $13 to $27, depending on market momentum.
Market Sentiment and Potential Risks
Despite the bullish setup, Egrag cautions that trading volume remains relatively low. A surge in trading activity is needed for the breakout to be fully validated. Without this, momentum may stall or reverse. He also mentioned that if XRP fails to hold the $2.33–$2.45 support zone, the price could dip towards $1.25 before any further upside.
The next 16 hours could mark a turning point for XRP. A close above $3.010 would signal the start of a new phase, potentially leading to significant movements in the market.
