XRP price is nearing a critical point in its market cycle. Analysts focus on its recent behavior around the 21-day exponential moving average (EMA). This technical level has triggered major rallies in the past. EGRAG CRYPTO, a market analyst, highlights two potential scenarios for XRP based on historical patterns.
In the 2017 bull run, XRP price showed resilience near its 21 EMA. It repeatedly tested and held this level before surging by over 1,600%. This performance stands as one of the most significant rallies in the coin’s history. The 21 EMA functioned as a critical support zone, fueling XRP’s explosive price movement.
Similarly, in 2021, XRP faced a different scenario. The SEC lawsuit temporarily pushed XRP below the 21 EMA. However, after reclaiming the level, XRP price surged by approximately 414%. These examples show how crucial the 21 EMA is for XRP. EGRAG CRYPTO points to this historical trend as central to the coin’s future price action.
EGRAG CRYPTO suggests that if XRP price stays above the 21 EMA, it could reach $9.60. This target mirrors the pattern from 2021, where XRP rallied after retesting the level. With improving liquidity and solid trading volumes, XRP could experience a moderate yet significant rise. To reach $9.60, XRP must break through nearby resistance levels.
Support at the 21 EMA and strong buying pressure will be key factors. If these conditions hold, the target of $9.60 seems attainable. EGRAG CRYPTO notes that a continued favorable market sentiment would also aid this move. Therefore, traders are keeping a close eye on XRP’s behavior around the critical 21 EMA.
In a more optimistic scenario, EGRAG CRYPTO sees XRP price potentially reaching $33. This surge would echo the remarkable 2017 rally, requiring XRP to break through several resistance levels. A sustained rally, along with global adoption and institutional demand, would drive this explosive movement. However, such a rise would need strong buying momentum and continued market optimism.
Achieving a $33 price target would rely on both XRP’s technical patterns and broader macroeconomic conditions. Institutional interest and favorable regulatory developments could also play a crucial role. If these factors align, XRP price could see a significant upward shift. However, the volatility of the market makes this outcome uncertain.
The post XRP Price Nears Key Technical Level: Egrag Crypto’s Bullish Outlook appeared first on CoinCentral.
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