A notable market analyst provides two crucial XRP levels to watch, insisting that anything in between is all noise.
XRP’s bullish momentum has stalled at levels above its 2021 top of $1.96. The XRPL native token surged past the peak amid a November uptrend to $2.9097, posting an over 100% gain during the run.
However, since then, XRP has retraced 25%. Last week, the asset briefly retested below $2 amid a broader market retracement before rebounding to its current market price.
Amid the market uncertainties, market analyst Egrag Crypto has insisted it is all noise at the moment. In a recent commentary, the expert maintained that XRP’s reaction to two crucial price levels would reveal its next direction.
Two Crucial Levels to Watch
According to Egrag’s analysis, XRP will continue to trend within its current range until it breaks either the upper or lower boundary. The seasoned speculator mentioned in an earlier analysis that XRP has entered a micro range and will maintain a fluctuation between $2 and $2.9 until a confirmed breakout.
Meanwhile, Egrag suggested that a break below $2 would ensure lower prices for XRP. The analyst’s chart shows that if it loses this level, XRP will target $1.64 and probably $1.3700, as another commentator, Dom, speculated.
Furthermore, Egrag inferred that a push past $2.65 would spur a bullish breakout. From there, XRP could surge to higher prices like $3 and $5, as other analysts expect.
XRP Ready to Explode
Additionally, market analyst and community figure Gordon insists that XRP is ready to explode despite the recent downtrend. He tweeted that XRP’s chart is currently one of the most bullish in the crypto market.
In an accompanying XRP/USD 12-hour chart, he shared that XRP is currently forming a symmetrical triangle. The analyst mentioned that a breakout from the bullish pattern would catalyze a surge to a new all-time high.
Meanwhile, XRP trades at $2.1706, down 6% in the past 24 hours.
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Source: https://thecryptobasic.com/2024/12/26/analyst-says-it-is-all-noise-for-xrp-until-one-of-these-two-things-happens/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-says-it-is-all-noise-for-xrp-until-one-of-these-two-things-happens