Crypto analyst Egrag Crypto has shared an insightful analysis of XRP’s price movement, highlighting a critical breakout from a symmetrical triangle formation on the daily and hourly charts.
According to Egrag, XRP has successfully retested the upper boundary of the triangle and is now poised for upward movement, targeting $2.75 in the short term.
Symmetrical Triangle Breakout Confirmed
The symmetrical triangle, a classic technical pattern, often indicates potential breakout scenarios depending on the direction of price movement. As seen in the chart, XRP broke above the triangle’s upper trendline, a bullish indicator suggesting renewed momentum. After the breakout, XRP retested the triangle’s top edge, further solidifying the breakout.
In technical terms, retests validate the strength of a breakout and reduce the likelihood of a false signal. XRP’s current price action reflects bullish market sentiment, as the asset rebounded sharply after the retest.
#XRP – Zooming In on the 1-Hour Timeframe:
Check out the chart below to see where I'm Zooming I and why?
As you can see, #XRP broke through the top edge of the triangle formation and executed a perfect retest. Now, it’s bouncing back! 🔄
In the next 24 hours, I anticipate… https://t.co/mOn6nFlQlX pic.twitter.com/lViCe36ZWn— EGRAG CRYPTO (@egragcrypto) January 12, 2025
Short-Term Projections: $2.75 Target
Zooming into the hourly chart, Egrag Crypto anticipates multiple mini-wave movements as XRP progresses through the third wave of a four-wave structure. Based on the Elliott Wave Theory, wave 3 is typically the strongest, with sharp and decisive price movements.
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The analyst has identified $2.75 as a critical short-term target, but in case of a pullback, the key support levels to watch are $2.07 and $1.63, which could help maintain bullish sentiment if tested.
Achieving this target would mark a significant milestone for XRP, reinforcing its upward trajectory. However, maintaining momentum above $2.55 is crucial to reaching the $2.75 level. According to data from CoinMarketCap, XRP is trading below this level at $2.53.
Broader Outlook: March 2025 Target
Egrag Crypto also emphasized the importance of sustained upward momentum for XRP until March 2025. A broader look at the market suggests that XRP may be in the early stages of a larger bullish cycle. Investors are advised to monitor key support and resistance levels as the asset navigates this cycle.
Egrag Crypto concluded his analysis by encouraging the XRP community to remain steadfast. “#XRPFamily STAY STEADY AND STAY STRONG,” he stated, reflecting the sentiment of a resilient community amid market fluctuations.
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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