Crypto analyst EGRAG CRYPTO has provided a detailed analysis of XRP’s price trajectory, highlighting crucial support and resistance levels that could shape the asset’s future movement. The analysis comes as XRP trades within a consolidation range following early February’s market volatility.
Current Market Context
XRP currently trades at $2.55, showing a 4.6% gain in the last 24 hours. The cryptocurrency experienced significant volatility in early February, dropping below $3 and finding support at $2.12. This price action suggests potential market manipulation targeting leveraged positions.
Critical Support Levels
The analyst has identified five key support levels that traders should monitor:
- $2.21 – Primary support
- $2.00 – Psychological level
- $1.80 – Secondary support
- $1.74 – Tertiary support
- $1.60 – Critical floor
The bullish structure remains intact as long as XRP maintains prices above these levels. A break below $1.60 could trigger a deeper correction.
Resistance Targets
On the upside, EGRAG CRYPTO outlines several resistance levels that could signal bullish momentum:
- $2.62 – Immediate resistance
- $2.75 – Short-term target
- $2.94 – Mid-term resistance
- $3.22 – Major resistance
- $3.40 – Critical breakthrough level
A sustained close above $3.40 would mark XRP’s first new all-time high in seven years, potentially triggering a significant bull run.
Market Implications
The current price action between $2.00 and $3.40 might represent market noise. Traders should focus on sustained closes above resistance levels for confirmation of bullish trends. The recent 4.6% gain suggests growing momentum toward the first breakout target at $2.62.
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Tags: XRP Price Analysis, Cryptocurrency Trading, Technical Analysis, Market Outlook, Price Targets
Source: NewsBTC