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XRP

Analyst Says XRP Must Hold This Level For Bullish Continuation To $4.2

Scott Matherson
by Scott Matherson
4 months ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto analyst Egrag Crypto has revealed the level XRP must hold above as it eyes a bullish continuation. He predicts that the altcoin could reach as high as $4.2 if it holds this critical support level. 

XRP Must Stay Above $2.50 For Further Rally To $4.2

In an X post, Egrag Crypto remarked that XRP must stay above $2.50 in order to sustain this bullish momentum and rally to $4.2, a new all-time high (ATH) for the altcoin. This came as he noted the recent break above $2.50, with the asset reaching $2.65 as a confirmation target. 

Related Reading: XRP Price Is Eyeing Another Breakout To $4: Analyst Says Watch This Level

The analyst stated that it is crucial for the token to maintain the price above $2.50 or, at worst, $2.42. He added that if the altcoin can’t hold this level as support, then the $2.20 price level must hold as the macro support to keep the bullish momentum alive. His accompanying chart showed that 4.2 is the target for the XRP price if it can hold above these support levels. 

XRP
Source: Egrag Crypto on X

Crypto analyst CasiTrades also commented on the recent rally and highlighted the $2.69 resistance as the level the altcoin needs to break above to sustain its rally to the upside. This price level is the .236 Fib retracement from the ATH and a key level that the analyst remarked that market participants need to keep an eye on for a correction. 

If it fails to break and hold above $2.69, CasiTrades predicts that XRP could suffer another short-term dip toward $2.30 for a reset. However, if the altcoin holds above that resistance, it would enjoy an “explosive” move toward $3. 

Wave 3 Is On The Way For The Altcoin

In an X post, crypto analyst Dark Defender stated that the 3rd wave is on the way for XRP, which could send its price to as high as $5. The analyst revealed that the altcoin has broken the main resistance line on the daily chart. He added that the Relative Strength Index (RSI) is bullish at the moment. 

Related Reading: XRP Price Breaks Above ‘Magic Line’ With Bullish Continuation Toward $3

The crypto analyst also highlighted $2.3620 and $2.4690 as the key support levels for the altcoin, while $2.6553 and $3.3330 are the major resistance levels. Crypto expert Ansem also provided a bullish outlook for XRP. 

In an X post, he stated that it feels like the token is going to have one of the runs that Dogecoin had in the last cycle, where the XRP/BTC goes higher than any previous cycle. Following his statement, crypto analyst CrediBULL Crypto showed an analysis in which he predicted that the altcoin can rally to as high as $28 in this cycle. 

At the time of writing, the XRP price is trading at around $2.58, up over 3% in the last 24 hours, according to data from CoinMarketCap.

XRP
XRP trading at $2.60 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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