$XRP #XRPBreakout #CryptoAnalysis #XRPToTheMoon #BinanceCrypto #CryptoMarket XRP Breakout: Analyst Predicts $6 in the Short Term, $60 in the Long Run if Key Resistance is Broken
XRP's price momentum has slowed over the past week, with the cryptocurrency experiencing consolidation alongside the broader market. After kicking off the previous week near $2.75, XRP has faced selling pressure, leading to a pullback in price throughout the trading sessions.
However, crypto analyst Egrag Crypto has shared an optimistic outlook, suggesting that XRP could enter a strong bullish phase. According to his analysis, if XRP overcomes a key resistance level, its short-term targets range between $4 and $6, while its long-term trajectory could potentially reach as high as $60.
Key Resistance at $3 Acting as a Barrier to XRP’s Rally
At the time of Egrag Crypto’s assessment, XRP was trading at $2.67, extending its recent losses from $2.75. The analyst highlighted that the $2.75 to $3.00 range is a critical resistance zone. Historically, this range has held psychological significance, aligning with past all-time highs around $3.40.
Egrag Crypto emphasized that a monthly close above $3.00 could ignite significant bullish momentum. On the other hand, failing to surpass this level might lead to a retracement toward lower support levels. If XRP successfully breaks past $3.00, the next major resistance zones lie at the Fibonacci extension levels of $4.30 and $6.40. This suggests that a strong monthly close above $3.00 would open the door for XRP to challenge its previous all-time high, with minimal resistance until reaching these higher levels.
Beyond this short-term resistance, Egrag Crypto’s analysis indicates that XRP is forming a Parabolic ARC pattern with three potential phases. Each phase has projected price targets of $33, $50, and $60, depending on how the market unfolds.
Potential Rejection at $3 and Downside Risks
Despite the bullish possibilities, the risk of rejection at $3 remains a concern. If XRP fails to reclaim this critical level, it may lead to prolonged sideways movement or even a deeper correction. In a worst-case scenario, XRP could retrace toward the $1.90–$2.00 range. A break below $1.90 would signal increased downside risks, potentially bringing the price down to $1.00 in an extreme bearish case.
That being said, unless an unexpected ‘Black Swan’ event disrupts the crypto market, the overall bullish structure for XRP remains intact. As long as the asset maintains key support levels and sees a rise in trading volume, a bullish breakout remains a strong possibility in the coming weeks. At the time of writing, XRP is trading at $2.57.