XRP continues to demonstrate technical promise as it enters an important phase of its price action. EGRAG CRYPTO's analysis highlights the critical significance of the $3.65 level.
Technical Analysis of XRP
According to an analysis from EGRAG CRYPTO, XRP is approaching a significant inflection point. A bullish pennant formation is developing on the weekly chart, indicating a potential breakout. The chart shows a price increase followed by consolidation within converging trendlines.
Target Level of $3.65
The focal point of the analysis is the $3.65 price level, which is considered the macro target. XRP recently reached this level, setting a new all-time high before experiencing a decline to $2.99, subsequently rebounding to its current trading level of $3.2.
Potential Targets and Conclusions
The significance of the $3.65 mark is both psychological and technical. EGRAG CRYPTO emphasizes the need for a confirmed breakout above this point to open up further potential targets ranging from $4.15 to $11.27. Whether XRP can convert this resistance into support will determine its future direction.
The analysis indicates that XRP is at an important juncture. A breakout at the $3.65 level may lead to a new growth phase, reliant on the sustainability of the current bullish trend.