Crypto analyst Egrag Crypto has provided a detailed technical outlook for XRP, posing the question of whether the digital asset is set for a retest of support levels or a bullish breakout. The analysis, shared on X (formerly Twitter), outlines critical price targets and conditions for both scenarios.
According to Egrag Crypto, if XRP fails to close a full daily candle above the $2.20 mark, the price behavior suggests that $2.08 and $2.04 could become key retest zones. These levels would represent areas where the price might find renewed buying interest if it initially struggles to push higher.
For a decisive bullish momentum, XRP needs to achieve full-bodied daily candle closes above several critical resistance targets. These levels include $2.20, $2.30, $2.34, $2.48, and $2.65. A sustained close above these points, particularly with strong candle bodies, would signal significant bullish strength, potentially indicating that “the next big move could be on the horizon.”
However, the analysis also highlights an “Important condition” for maintaining a bullish outlook: XRP “must not close below any of these targets on daily time frame: $2.04, $1.90, and $1.71.”
Should XRP close below any of these crucial support levels, Egrag Crypto strongly suggests “we’re heading into a bearish trend,” indicating a shift in market sentiment and potential downside pressure.
Traders and investors are likely to closely monitor XRP’s daily closes against these defined levels to gauge its next significant move.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/xrp-price-analysis-retest-or-breakout-on-the-horizon/