XRP Holds Bullish Outlook Despite Recent Downturn, Analysts Say
Just days after trading at elevated levels with speculation mounting about its ability to breach key resistance at $1.51-$1.53 and push towards $1.60, Ripple’s native cryptocurrency, XRP, has experienced a significant pullback. Bears reasserted control, dragging the broader market lower, and XRP fell below $1.35 before finding a floor.
However, prominent analyst EGRAG CRYPTO remains optimistic, suggesting that even a further decline would not derail XRP’s bull market trajectory. This analyst, who maintained a bullish stance on XRP even when it dipped below $1.00 in early August, believes the token can still retrace to $1.20 while preserving its bullish structure.
Monthly Chart Analysis Points to Key Support Level
EGRAG CRYPTO’s analysis centers on the monthly chart and the interplay between the 33 Exponential Moving Average (EMA) and the 111 EMA. Historically, this relationship has been instrumental in defining major market cycles, with $1.20 serving as a critical demarcation line.
According to EGRAG CRYPTO, as long as XRP maintains a monthly closing price above this $1.20 level, the overarching bullish thesis remains valid. Conversely, a sustained breach below this support would necessitate a reassessment, as it would likely invalidate the current pattern.
Potential for Significant Upside if Recovery Continues
Should XRP successfully rebound from its recent low below $1.35, EGRAG CRYPTO has identified $1.65 as the initial significant resistance level to overcome. Beyond this, the analyst becomes even more bullish, projecting that XRP could surge to between $4.00 and $8.00 if the market structure continues to develop favorably. A more aggressive “Valhalla” scenario, though highly speculative and contingent on broader macroeconomic conditions, even envisions XRP exceeding $15.
Four-Hour Chart Reveals Ascending Pattern
Meanwhile, fellow XRP proponent Bird has presented a different technical outlook based on the asset’s four-hour chart, highlighting three descending resistance trendlines. Bird noted that previous instances where XRP found support after encountering the first two trendlines were followed by substantial upward price movements. The analyst suggests that a third similar setup may currently be forming.
Bird’s analysis also points to a long-term ascending support line, a crucial demand zone between approximately $1.30 and $1.34, and resistance in the $1.52-$1.56 range. XRP has largely traded within these bounds over the past several weeks.
Breakout Could Signal a Move Towards $2.00
If XRP manages to break decisively above the current resistance and historical patterns repeat, Bird anticipates a move towards the $2.00 mark. This perspective is echoed by analyst Celal Kucuker, who stated that $2.00 is “within reach” by month’s end, following XRP’s bounce from what he described as a “solid support level.”
