Recent data on XRP shows that the asset is at a critical level, highlighted by analysis from EGRAG CRYPTO.
Chart Analysis and Bullish Prospects for XRP
According to EGRAG CRYPTO, XRP is at a critical juncture that defines its bullish prospects. Analyzing several technical indicators, including the Gaussian Channel and Elliott Wave theory, the analyst outlined a scenario where XRP remains in bullish territory as long as certain price levels continue to hold.
EGRAG CRYPTO consistently referenced the 'kangaroo' as a symbol for XRP's bounce from critical support, marked on the chart at two points reflecting significant upward movements.
EMA Analysis and Key Resistance Levels
The analyst also pointed to the 21-week Exponential Moving Average (EMA) as another key factor to watch. He warns that a close below the EMA would be bearish; however, consolidation around it is deemed healthy.
Resistance stands at $2.33, and a break above $2.65 would confirm a macro bullish signal. The main support is at $1.75, aligning with the upper boundary of the Gaussian Channel.
Price Projection and Potential Bullish Continuation
The final chart with Elliott Wave analysis suggests XRP is entering Wave 5, the final impulse wave. A 477% rally from Wave 4's base projects a price between $7 and $10, with $7.62 as the midpoint.
For XRP to continue its bullish trend, it must hold its current structure through July. A drop below key support could trigger a prolonged sideways phase, but EGRAG CRYPTO is confident in the potential for a significant surge in July.
