A recent technical analysis of XRP’s price behavior has captured investors’ attention. According to observations from analyst Egrag Crypto, the cryptocurrency is showing patterns that suggest a possible XRP price rally on the near horizon. This movement could represent a significant increase if the bullish signals seen on the charts are confirmed, generating moderate optimism in the market.
The analysis focuses on a descending broadening wedge pattern, a technical formation that historically precedes major price movements. The data indicates a 57% probability that this wedge will break to the upside. If this scenario materializes, the price of Ripple XRP could experience a considerable rise. Furthermore, the importance of overcoming the 200-day simple moving average (SMA) is highlighted as a key indicator to confirm the resumption of a sustained long-term uptrend.
Another crucial point is the resistance zone located between $2.70 and $2.80. Turning this range into a new support level is essential for the asset to aim for more ambitious targets. Likewise, additional indicators such as the weekly stochastic RSI, which is at oversold levels, reinforce the possibility of an imminent bullish reversal. Overcoming these technical levels is vital for the continuation of the momentum.
What Price Levels Should Investors Watch?
If the bullish breakout is confirmed, the measured price target from the wedge pattern stands at $9.50. However, Egrag Crypto’s analysis projects even higher goals for the current cycle, with an average target of $20 and a potential high of $27. On the other hand, it is crucial to consider the alternative scenario. The same technical pattern presents a 43% probability of a downward breakout. In that case, the price could pull back to $0.50, a level that some analysts consider a strategic buying opportunity within the digital economy.
The outlook for the asset largely depends on its ability to overcome immediate resistance. Although the macro perspective remains bullish despite a recent correction, investors should closely monitor technical indicators. The current stage is described by some analysts, like XForceGlobal, as a “confirmation” phase before a final impulse. Consolidation above key levels would validate the strength of the bullish move.
This analysis provides a clear roadmap of the levels to watch. The price’s interaction with its moving averages and defined resistance zones will determine its short- and medium-term trajectory. The next moves will be decisive in confirming whether the possible XRP price rally becomes a tangible reality for market participants.
