Crypto analyst Egrag Crypto has revealed the level XRP must hold above as it eyes a bullish continuation. He predicts that the altcoin could reach as high as $4.2 if it holds this critical support level.
XRP Must Stay Above $2.50 For Further Rally To $4.2
In an X post, Egrag Crypto remarked that XRP must stay above $2.50 in order to sustain this bullish momentum and rally to $4.2, a new all-time high (ATH) for the altcoin. This came as he noted the recent break above $2.50, with the asset reaching $2.65 as a confirmation target.
The analyst stated that it is crucial for the token to maintain the price above $2.50 or, at worst, $2.42. He added that if the altcoin can’t hold this level as support, then the $2.20 price level must hold as the macro support to keep the bullish momentum alive. His accompanying chart showed that 4.2 is the target for the XRP price if it can hold above these support levels.
Crypto analyst CasiTrades also commented on the recent rally and highlighted the $2.69 resistance as the level the altcoin needs to break above to sustain its rally to the upside. This price level is the .236 Fib retracement from the ATH and a key level that the analyst remarked that market participants need to keep an eye on for a correction.
If it fails to break and hold above $2.69, CasiTrades predicts that XRP could suffer another short-term dip toward $2.30 for a reset. However, if the altcoin holds above that resistance, it would enjoy an “explosive” move toward $3.
Wave 3 Is On The Way For The Altcoin
In an X post, crypto analyst Dark Defender stated that the 3rd wave is on the way for XRP, which could send its price to as high as $5. The analyst revealed that the altcoin has broken the main resistance line on the daily chart. He added that the Relative Strength Index (RSI) is bullish at the moment.
The crypto analyst also highlighted $2.3620 and $2.4690 as the key support levels for the altcoin, while $2.6553 and $3.3330 are the major resistance levels. Crypto expert Ansem also provided a bullish outlook for XRP.
In an X post, he stated that it feels like the token is going to have one of the runs that Dogecoin had in the last cycle, where the XRP/BTC goes higher than any previous cycle. Following his statement, crypto analyst CrediBULL Crypto showed an analysis in which he predicted that the altcoin can rally to as high as $28 in this cycle.
At the time of writing, the XRP price is trading at around $2.58, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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