Crypto analyst EGRAG CRYPTO has shared a detailed analysis of XRP’s price action, highlighting the development of a Bullish Pennant formation on the weekly chart. This technical pattern suggests a potential breakout following a period of consolidation.
The price has been forming lower highs and higher lows within a triangular structure after a strong upward move, known as the pole leg. If this pattern follows through, XRP could experience a significant surge.
EGRAG CRYPTO identifies two major price targets based on the pennant’s measured move. The conservative target is $15, calculated from the lower end of the pennant. The normally measured move projects XRP reaching $17, based on the upper portion of the pennant. These targets indicate significant upside potential if the breakout materializes.
#XRP – The Bounce Off is Real! ($15-$17):
The Bullish Pennant formation remains intact!
— EGRAG CRYPTO (@egragcrypto) February 15, 2025
$3.40 as the Confirmation Level
Despite the bullish outlook, EGRAG CRYPTO emphasizes the importance of confirmation before assuming a breakout. The key resistance level to watch is $3.40. A weekly or monthly close above this level is necessary to validate the bullish scenario. Without this confirmation, there remains a risk of false breakouts or extended consolidation.
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In addition to resistance levels, the yellow trendline on the chart has been a long-term support level for XRP. The bullish structure remains intact as long as the price continues to respect this trendline. However, if XRP falls below this support, it could indicate a shift in momentum toward a bearish trend, potentially invalidating the bullish pennant formation.
Cautious Optimism Amid Market Uncertainty
While EGRAG CRYPTO’s analysis presents a strong case for XRP’s bullish potential, he warns against premature celebrations. Traders should wait for confirmation signals before assuming a sustained uptrend. External market conditions, regulatory developments, and broader crypto trends could all play a role in influencing XRP’s trajectory.
In summary, XRP’s chart shows a promising Bullish Pennant formation, with potential upside targets at $15 and $17. However, for this scenario to unfold, the price must close above $3.40 and maintain support along the yellow trendline.
As of press time, XRP is trading at $2.77, reflecting a price increase of 0.83%. Investors and traders should remain cautious, focusing on key breakout confirmations before making strategic decisions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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