- XRP is in a bullish trend and may break the 1.414 Fibonacci Circle resistance, targeting $8.5 to $13.
- If XRP stays above $1.64, it could trigger a breakout, with the potential for prices to reach $27-$33.
- Traders are closely watching token’s performance on key levels, especially the 21 EMA, for confirmation of further gains.
On the monthly chart, XRP has been trading in a range, which may be an indication that the price of XRP is set to rise. In a recent X post, Egrag highlighted that the cryptocurrency is currently establishing a bullish trend, which means there is a tendency towards an increase in weeks to come. The levels of 1.414 are also crucial for the Fibonacci Circle and they are considered as a major resistance level. This price level could further lead to a promising price action if token manages to go beyond this level.
XRP’s Path to Potential Upsurge
A successful breakout on the upside might extend token to a new range with first objectives set at $8.5 to $13. After attaining this level, the price of the cryptocurrency may be liable to remain relatively stable for some time as it consolidates. After that phase is done, another upsurge may take place and it can go even up to $27-33.
This bullish scenario is yet to gain confirmation, and traders are patiently waiting for it to happen. One of them is technical and it will determine whether XRP will be able to retest the 21-daily Exponential Moving Average on the monthly chart. If cryptocurrency is bullish from this level, this would solidify the upward move, meaning that there is more upward potential for this cryptocurrency.
However, for the scenario to remain valid, XRP needs to stay above $1.64 on any time frame. A drop below such a level will see a shift in the expected direction and likely cause the bulls to lose steam. The forecasts will have to hold ground for the market to presage such a directional shift as noted in the above bullish pattern.
Key Levels for XRP’s Next Move
With this, traders focus on the charts waiting for the breakout level to occur as cryptocurrency approaches the resistance levels. If XRP succeeds to go beyond the established Fibonacci Circle level resistance one at 1.414, then probability chances improve exceptionally. This would be good news to the traders who will prepare for the outcome after the variance is created.
Despite such a technically bullish picture there are quite conditions on the market that have to be taken into consideration. Whether this technical analysis will come to this particular conclusion will depend on XRP’s performance and hold on key technical levels. As of press time, token is trading at $2.50, showing a 6.65% increase over the past day.
In the case that XRP sustains its current pace and remains above $1.64, then the breakout could occur at any time. Traders currently pinned on these levels will be able to gauge the next course of action in the coming weeks to deliver on the expected gains given by these technical formations.