XRP faces resistance at $1.22, with bullish momentum pointing to a potential breakout towards $1.6–$2.3, according to Egrag Crypto.
A strong close above $2 could trigger exponential growth for XRP, with analysts eyeing $27 as a long-term target.
Bullish patterns like the symmetrical triangle and green Super Guppy hint at XRP’s significant upward potential by March 2025.
XRP is hovering near the $1.22 mark, facing resistance at the 0.702 Fibonacci retracement level. This critical area combines Fibonacci levels from January 2018 and April 2021, creating a powerful confluence.
Current price action at $1.11 suggests strong upward momentum, with traders closely monitoring the next move. Notably, a decisive weekly or monthly close above $2 could unlock exponential growth potential, according to crypto analyst Egrag Crypto.
https://twitter.com/egragcrypto/status/1859497740683575463 Confluence and Resistance Zones Define XRP's Next Steps
The 0.702 Fibonacci level, a key resistance at $1.22736, has stalled XRP's progress. However, momentum indicators point to a potential breakout. The Fibonacci levels also highlight $1.97 and $6.47 as future resistance zones, aligning with historical trends. Besides these zones, a long-term price target of $27.38 emerges from the 1.618 extension on a logarithmic scale, reinforcing bullish expectations.
Egrag Crypto emphasizes the "Bifrost Bridge," an ascending trendline representing XRP's long-term support. Significantly, the current bullish momentum is supported by a recent 5.68% price surge, accompanied by an increased trading volume of 74.93 million.
Bullish Patterns and Indicators Suggest Breakout Potential
A symmetrical triangle pattern dominates the XRP/USDT 4-hour timeframe, reflecting consolidative behavior with higher lows and lower highs. This compression signals impending volatility. The Stochastic RSI shows upward momentum, with increasing buying strength but below the overbought level of 80.
Source: BingX
Moreover, the MACD indicator reveals a bullish crossover, with the MACD line above the signal line. This indicates rising positive momentum, further enhancing breakout probabilities. Resistance lies near $1.2677, while support at $1.10 offers a safety net for potential retracements.
Consequently, Egrag Crypto predicts XRP's next targets at $1.6–$2.3, with potential selling pressure from prior cycles. However, achieving a strong close above $2 is crucial for sustained growth. Additionally, the Super Guppy on the 2-week timeframe turning green historically signals significant upward moves, with March 2025 as a possible peak.
The post XRP Battles $1.22 Resistance, Will a Breakout Unleash Its True Potential? appeared first on Crypto News Land.
