Analyst: XRP Target Achieved After Breaking This Formation

Following a notable price consolidation and breakdown from a triangular formation, XRP has now reached a major technical target.

According to crypto analyst EGRAG CRYPTO (@egragcrypto), the asset’s price behavior over the coming days could define whether bullish momentum remains intact.

XRP Is Trading Within an Expected Range

The chart shows that XRP broke down from a tight ascending triangle pattern after reaching its recent peak of $3.65. This pattern had been developing for several days before the breakdown occurred.

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-6a57f7be-8f6e-4deb-ae2c-5477f86653a5"]{width:320px;height:100px;} } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-6a57f7be-8f6e-4deb-ae2c-5477f86653a5"]{width:728px;height:90px;} }

The correction brought XRP into a previously identified target zone between approximately $2.83 and $2.9, an area the analyst had marked in green. However, the focus has shifted to how the price closes in the near term.

XRP Key Levels to Watch Out For

Currently, XRP is trading around $2.85, which is just above the lower bound of the support zone. EGRAG CRYPTO pointed out that closing above $2.8 is crucial for maintaining a “super bullish position.” However, he also indicated that a move down to $2.65 would still keep XRP within a favorable structural formation.

Recent whale sell-offs stunned the XRP army, with $2.65 emerging as a crucial level to watch if XRP loses its current support. However, EGRAG CRYPTO suggests that further downside, while possible, does not necessarily invalidate the bullish trend.

Another potential scenario mentioned by the analyst is a temporary drop to $2.34. This would represent a 30% retracement from recent highs. Nonetheless, the analyst suggests that such a move should not cause concern for long-term holders, as it would be viewed as part of normal market fluctuations.

Resistance levels are also well-defined in the chart. The immediate resistance stands at approximately $3.03. Sellers have previously stepped in at this level, and closing above it would likely help XRP regain upward momentum.

No Need to Panic

EGRAG CRYPTO’s message to the community is clear: “Don’t let fear dictate your moves.” While price downturns often force out uncertain holders, XRP’s quick movement makes it easy to miss out on price surges.

Dave Portnoy, founder of Barstool Sports, recently expressed his regret, as he sold his XRP days before it reached a new all-time high. Experts are confident that XRP’s bearish run will be short-lived, and investors who stay strong will reap the benefits.

Disclaimer*: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.*