XRP Inverse Head and Shoulders Update: Analyst Pinpoints Key Levels to Watch

Crypto analyst Egrag Crypto has shared a detailed update on the XRP price trajectory, outlining key levels and market conditions that could influence its movement.

His latest analysis focuses on the Inverse Head and Shoulders (I H&S) formation, a technical pattern that he suggests could remain valid until April 20, 2025.

Measured Move and Price Targets

Egrag Crypto maintains his price target range of $3.70 to $3.90, emphasizing that reaching the upper boundary is possible if certain conditions align. He has identified specific levels traders should monitor closely to gauge whether XRP can sustain its upward momentum.

One of the most critical levels he highlights is $2.00. According to his analysis, XRP should not close a daily candle below this mark. A fair value gap might emerge if it does, leading to a temporary price dip. However, he suggests a swift rebound from this level would be ideal.

Key Resistance and Support Levels

Egrag Crypto outlines a series of levels that he believes will be crucial in determining XRP’s next moves. The first milestone is $2.65, which he states must flip into a solid support level. Achieving this would set the foundation for further price appreciation.

Next, he points to $3.00 as a mid-channel resistance level. A confirmed close above this mark would signal strength in XRP’s price action. Beyond that, he identifies the $3.20 to $3.40 range as a critical zone that should ideally be surpassed for the bullish momentum to continue.

The upper target he mentions is $4.60, cautioning that if XRP reaches this level and begins to exhibit signs of weakness, it could indicate the start of a distribution phase. He refers to distribution schematic #1, a market scenario where larger players start selling off assets, potentially leading to a price reversal. Egrag Crypto plans to share an updated chart to provide further insights into this possibility.

Market Outlook and Community Encouragement

In his message, Egrag Crypto encourages the XRP community to remain steady and strong, reiterating the importance of staying focused on the long-term potential of the asset. While he presents bullish targets, he also acknowledges the risks and advises traders to watch for signs of potential distribution at higher levels.

His analysis aligns with broader technical patterns traders often use to anticipate price movements. The Inverse Head and Shoulders formation he references is typically considered a bullish reversal pattern, reinforcing his outlook that XRP could see substantial gains if the necessary conditions are met.

As XRP trades within these key levels, market participants will closely watch how price action unfolds.

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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