Crypto analyst Egrag Crypto updates his predictions on XRP, highlighting the resilience of the inverse head and shoulders pattern.
Inverse Head and Shoulders on XRP Chart
The inverse head and shoulders pattern on XRP's chart is a popular technical structure often associated with bullish reversals. Egrag Crypto emphasizes the importance of closing above $2.24 (Fibonacci level 0.888) to confirm the continuation of the upward trend.
Projected Price Levels and Resistance Zones
The analyst previously projected a movement between $3.7 and $3.9, supporting his bullish stance on XRP. He identified key support and resistance levels, including $2.00 support and an upper boundary at approximately $4.60. This trajectory suggests that if XRP maintains momentum, the next major resistance could align around the $3.28 region.
Breakout Possibilities and Market Sentiment
Egrag Crypto's chart highlights a significant date, April 20, where a potential breakout is expected. While it doesn't guarantee a price surge on that specific day, it emphasizes the importance of this juncture in the unfolding pattern. Community reactions vary, with some remaining optimistic while others anticipate a pullback to $1.85, seeing it as a buying opportunity.
Egrag Crypto's analysis points to the resilience of XRP's market structure with potential movement toward higher price targets.
