- Egrag Crypto predicts a 30% chance for XRP to hit $17.
- XRP’s future depends on breaking key resistance at $2.20.
At the time of writing, XRP is trading at $2.14, reflecting a 2.17% increase in the past 24 hours. The coin has bounced back from a crucial support level at $2.00, signaling strength from buyers.
While this bounce suggests a potential recovery, XRP faces critical price levels that could dictate its next move. Analyst Egrag Crypto has pointed out that XRP is forming an Ascending Broadening Wedge (ABW) pattern, which could lead to a dramatic price shift in either direction.
The Ascending Broadening Wedge: Key Resistance and Support Levels
The Ascending Broadening Wedge (ABW) pattern observed in XRP suggests two possible scenarios: a drop to $0.65 or a rise to $17. Egrag Crypto indicates that XRP needs to close above $3.50 for a bullish breakout. If the coin can break above $5 but fails to sustain the level, the bearish scenario becomes more likely.
A failure to break through $5 could lead to a retest of the $1.90 support before another attempt at overcoming $5 resistance. If XRP breaks the $5 barrier and surpasses $6, the bullish case will be validated, sending XRP toward the $17 target within 2-3 weeks.
However, Egrag Crypto’s analysis reveals a 70% chance of a downside breakout, which could push XRP back to $0.65. The likelihood of the bullish scenario is much lower at 30%, meaning XRP’s future largely depends on how it handles critical resistance levels.
XRP Price Movement and Short-Term Outlook
XRP is currently testing key support and resistance levels, hovering between $2.00 and $2.20. A recent bounce from the $2.00 support level suggests that buying pressure is still strong, but the coin faces resistance at $2.20.
Source: TradingView
The Relative Strength Index (RSI) is 58.65, signaling a neutral market stance without overbought conditions. Should XRP break above $2.20, the following resistance levels to watch would be $2.25-$2.30. A move beyond this could signal the start of a rally, pushing the price higher. However, if XRP fails to surpass the $2.20 resistance, the price might retest $2.00 or fall lower. A drop below the $2.00 support would suggest further downside risk, potentially targeting $1.90 or lower.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
