XRP Price Can Hit $11 If This Happens

XRP price is again at the center of market debate as conflicting analysts forecast divided trader sentiment.

While some traders opened large short positions following a price dip to $3.01, others point to long-term technical patterns that could position XRP price for a historic breakout.

The token recently rebounded to $3.15, surging over 40% in the last month.

Analyst Predicts XRP Price Rally If This Monthly Close Holds

According to a recent analysis, the XRP price is attempting its first monthly close above $3.03. This level has served as a long-standing resistance in past cycles.

The analyst also pointed out the formation of a diagonal trendline known as the “Chasm,” which was a key resistance boundary.

Analyst EGRAG CRYPTO shared a monthly chart showing XRP price completing its third major cycle. Cycle 1 occurred in 2017, and Cycle 2 in 2021.

Each of those cycles ended with a failure to close above $3.03. EGRAG now points to Cycle 3 as potentially different.

The analyst used the 21 EMA and 33 SMA to show structure. In past cycles, XRP price consolidated above these levels before initiating strong upward moves.

These past trends were replicated in the current activity of the XRP price, making the level of $3.03 very pivotal.

According to EGRAG, a monthly close beyond this level will be the first one in the history of the altcoin’s price.

On confirmation, the expert anticipated a rally to the $11 level in the short term and a longer-term stretch target of $18.5.

XRP Has Completed Its Third Macro Cycle

The Ripple coin’s structure has broken down into three major cycles. Every cycle was recurrent in the build-up, rally, and retracement.

According to EGRAG chart, the third cycle is approaching its completion, and this means that there may be another chance of a rally.

According to the projection, previous breakouts only occurred after months of consolidation above moving averages.

XRP price reached that same consolidation stage, placing emphasis on the upcoming monthly close.

The chart also showed that the area beyond the $3.03 mark has acted as the upper resistance in both previous runs.

EGRAG marked this zone as the “red diagonal resistance,” which capped both prior parabolic rallies.

A confirmed breakout above this trendline could create new momentum toward the proposed $11 and $18.5 targets.

Trader Opens $500K Short Against XRP Momentum

While bullish projections attracted market attention, bearish sentiment remained present. Earlier in the day, a trader disclosed a $500,000 short position against XRP.

The announcement came after it dipped from $3.16 to $3.01, marking a 5% decline.

Lynk stated that he expected XRP price rally to fade, targeting a $3 million profit if the price falls substantially. The short position would, however, be liquidated in case the price surges to $3.65.

Nonetheless, other analysts justified the shorting forecast of the trader, cautioning that the value of XRP may once again approach $0.80.

They observed that failure to maintain the above $3.15, coupled with deteriorating volumes, predisposes the market to a correction.

The broader crypto market also showed signs of volatility after a period of stability yesterday. More so, other analysts stayed bullish, predicting price targets as high as $10 in the near term.

They claimed that the present configuration resembled that of the breakout structure of Bitcoin, thus providing a solid bullish argument.