A prominent market analyst has highlighted two critical price levels for XRP, asserting that movement outside these thresholds is what truly matters for the token’s trajectory.
XRP Momentum Stalls After Record Surge
The bullish rally that drove XRP above its 2021 peak of $1.96 has slowed. The XRPL native token reached $2.9097 during a November uptrend, marking a gain of over 100%. However, since that high, XRP’s value has retraced by 25%. Amid a broader market pullback, the asset briefly dipped below $2 last week before recovering to its current price level.
Market uncertainties have prompted Egrag Crypto, a respected analyst, to suggest that XRP’s movement within its current range is inconsequential. The analyst emphasized that reactions to specific price levels would determine the token’s next major direction.
Key Levels Identified for XRP’s Next Move
According to Egrag’s insights, XRP is expected to remain in its current range until a breakout occurs. The analyst noted that the token has entered a micro-range between $2 and $2.9, where it will likely fluctuate until a decisive move is made.
A drop below $2 is projected to signal a bearish trend, potentially driving XRP to targets of $1.64 and $1.3700, as outlined by another market observer, Dom.
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Conversely, breaking through $2.65 is predicted to trigger a bullish breakout, possibly propelling XRP to price levels of $3 and $5, as anticipated by other analysts.
Bullish Potential Amid Current Downtrend
Despite the ongoing retracement, community figure and analyst Gordon maintains an optimistic outlook for XRP. He described the token’s chart as one of the most bullish in the cryptocurrency market.
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Gordon highlighted a symmetrical triangle forming on the XRP/USD 12-hour chart. According to his analysis, a breakout from this bullish pattern could drive XRP to a new all-time high.
At present, XRP is trading at $2.1706, reflecting a 6% decline over the last 24 hours.
XRP’s future hinges on its ability to break free from its current range.
A decisive move above $2.65 could reignite bullish momentum, while a fall below $2 may bring additional declines. With market analysts divided on the token’s short-term prospects, XRP’s next move will be closely monitored by traders and investors alike.
