XRP continues to attract traders' attention as it hovers at a crucial level, signaling potential significant movement ahead. The situation is being analyzed by market analyst EGRAG CRYPTO.
Current Price and Support
Thus, XRP is above the $1.75 support level, which aligns with the upper boundary of the Gaussian Channel, a significant technical indicator. The analyst emphasized that maintaining this level is essential for sustaining the bullish structure forming around XRP. A break below it may confirm a reversal of the current trend.
Resistance Targets and Wave Projection
According to EGRAG CRYPTO's analysis, the current resistance stands at $2.33, with a break above $2.65 expected to trigger broader bullish confirmation. Based on Elliott Wave analysis, XRP appears to be entering the final impulse phase, or Wave 5. A potential 477% future appreciation relative to the Wave 4 base is forecasted, with target prices between $7 and $10.
Outlook for July
Analyst EGRAG CRYPTO noted that July will be a key month for XRP. If the price breaks out of the current range, it will likely confirm its resemblance to the 2017 trend. Market participants are closely monitoring XRP as it navigates through critical technical zones and possible short-term pullbacks.
The current support and resistance levels of XRP remain in focus for traders, while analysts’ insights highlight the significance of the upcoming days for the price movement. Adhering to these key levels may indicate the potential continuation of the bullish trend.
