Crypto analyst Egrag Crypto provides a detailed technical outlook for XRP, considering possible price movement scenarios.
Potential Retest Levels
Egrag Crypto's analysis indicates that if XRP fails to close a full daily candle above the $2.20 mark, levels $2.08 and $2.04 could become key retest zones. These levels may attract buyers if the price struggles to push higher.
Conditions for Bullish Scenario
For a decisive bullish momentum, XRP needs to achieve full-bodied daily candle closes above several critical resistance levels: $2.20, $2.30, $2.34, $2.48, and $2.65. A sustained close above these points, particularly with strong candle bodies, could signal significant bullish strength.
Current Trend Analysis
However, the analysis also highlights an important condition for maintaining a bullish outlook: XRP "must not close below any of these targets on daily time frame: $2.04, $1.90, and $1.71." If XRP closes below any of these crucial support levels, Egrag Crypto suggests a potential shift into a bearish trend, indicating a change in market sentiment and potential downside pressure.
Traders and investors are likely to closely monitor XRP’s daily closes against these defined levels to gauge its next significant move.
