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XRP

XRP Ready For Breakout? Key Levels Suggest Surge To $3.90

Semilore Faleti
by Semilore Faleti
6 months ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Prices of XRP have taken a heavy hit in the past week as the altcoin struggled to find a local bottom. During this period, XRP lost 10.51% of its value and traded to as low as $2.06. Amid this bleeding market, popular technical analyst Egrag Crypto has hinted at a potential bullish reversal hinged on certain conditions.

Related Reading: Crypto Pundit Says XRP Looks Excellent Here, Gives Reasons Why

Inverse Head & Shoulders Pattern Signals Bullish Potential For XRP – Levels To Watch

In an X post on March 29, Egrag Crypto provided a positive outlook on the XRP market despite an ongoing downtrend. According to the analyst, a developing inverse head and shoulder pattern indicates the fourth largest cryptocurrency could soon experience a breakout.

The inverse head and shoulders formation is a common bullish reversal pattern signaling an impending shift from a downtrend to an uptrend. As seen in the chart below, It consists of a temporary price low (left shoulder) followed by a rebound, a deeper low (head) that marks the bottom, and another rebound leading to a higher low (right shoulder) compared to the head.

XRP
Source: @egragcrypto on X

Notably, Egrag warns that this bullish pattern on the XRP daily chart is certainly valid until April 20, 2025. Furthermore, market bulls must avoid a daily close below $2 to retain the viability of this positive setup. However, a bullish rebound will only be confirmed following a decisive price surge above $2.65 which represents the neckline of the inverse head and shoulders pattern.

Thereafter, XRP would likely experience some substantial resistance at the $3.00 price zone. Moving past this barrier should propel a rise to around $3.20-$3.40, a close above which is described as a critical step sustaining this potential uptrend.

Related Reading: Bitcoin’s Bearish Turn: Rising Wedge Collapse Signals Drop To $73,919

The Price Targets

According to Egrag, a breakout from the current bullish setup should result in XRP reaching a conservative price target of $3.70-$3.90 and establishing a new all-time high. However, the prominent altcoin could rise further to around $4.60. At this level, the crypto analyst explains price weakness could set in suggesting an incoming distribution among investors and potential price correction.

At the time of writing, XRP trades at $2.18 reflecting a minor gain of 0.91% in the past day. Meanwhile, the asset’s daily trading volume has declined by 10.28% indicating a potential waning of selling pressure and eventual price stability. Meanwhile, the US Securities and Exchange Commission is expected to terminate its 4-year long case against Ripple in May lifting a heavy regulatory cloud over XRP.

XRP
XRP trading at $2.18 on the daily chart | Source: Tradingview.com
Featured image from Outlook Business, chart from Tradingview
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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