EGRAG CRYPTO, a top analyst, shared an analysis of XRP’s monthly price chart, emphasizing key price levels and potential cycle targets for the token. His chart, which he refers to as “Channel B,” has been a major obstacle for XRP, blocking sustained price movement beyond certain levels for years.
Besides, EGRAG CRYPTO’s tweet outlined several critical levels for traders and investors to monitor as the price consolidates within this long-established channel.
Channel B has been a defining feature of XRP’s price movement, preventing a full monthly close above it since 2017. Despite attempts in 2021 and a rally in July 2023, the price has remained contained within the channel.
#XRP Channel B – Monthly Time Frame: Major Resistance Targets:1⃣ $0.64502⃣ $0.853⃣ $1.10 Major Support Targets:1⃣ $0.482⃣ $0.383⃣ $0.28 Major Cycle Targets:1⃣ $7.5 (Fib 1.236)2⃣ $13 (Fib 1.414)3⃣ $27 (Fib 1.618)Channel B is the gatekeeper for #XRP's monthly… pic.twitter.com/2eDrBspc8i
— EGRAG CRYPTO (@egragcrypto) October 17, 2024
According to EGRAG CRYPTO, the pressure is building, and XRP could be nearing a breakout moment. A monthly close above Channel B would mark a pivotal shift, potentially triggering a strong rally toward much higher price targets.
The midpoint of Channel B is set at $0.85, and the top end at $1.10 serves as the final major resistance level. These two levels are essential for XRP traders to watch closely, as any breakthrough could signal a price surge.
Resistance and Support Levels to Watch
EGRAG CRYPTO’s analysis identifies several key resistance and support levels that are shaping XRP’s price action. On the resistance side, $0.6450 is the first major hurdle. A move above this level could indicate early signs of bullish momentum.
The next crucial resistance level is $0.85, the midpoint of Channel B, followed by $1.10, which represents the top of the channel. A monthly close above $1.10 could pave the way for a substantial upward movement.
Support levels are equally critical for XRP’s price stability. The current price hovers near $0.48, a key support level that has been tested multiple times.
Below this, $0.38 and $0.28 serve as additional support floors. A drop to these levels could signal a deeper retracement, potentially stalling any bullish momentum.
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Show more +Show less – Fibonacci Cycle Targets: Long-Term Outlook for XRP
In addition to resistance and support levels, EGRAG CRYPTO outlined long-term Fibonacci extension targets for XRP, offering insight into where the price could head during an extended rally.
These targets include $7.5, $13, and $27, based on key Fibonacci retracement levels. While these figures may seem ambitious, they are grounded in historical price patterns and technical analysis, making them worth watching for traders with a long-term outlook.
Read also: Dogecoin (DOGE) and BONK Memecoin Prices Are Pumping: Here’s Why
XRP’s Path Forward: Key Levels to Monitor
With XRP’s price consolidating within Channel B, Egrag advises to remain vigilant for a potential breakout. Crucially, the midpoint of $0.85 and the higher resistance of $1.10 define the future course of the asset.
Maintaining support at $0.48, $0.38, and $0.28 will help preserve the upward momentum. All eyes will be on XRP’s price behavior in the next months, especially if it closes a monthly candle above Channel B for the first time in years.
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