Is XRP Price Rally Over? Key Price Levels to Watch Ahead

XRP price has continued to stay in the red, hovering near the $2.3 level over the past few weeks. This stagnant movement has raised concerns among market participants, with many anticipating that Ripple’s coin rally may halt.

Amid this, a renowned expert has highlighted key price levels for the asset. According to him, breaking through a key resistance could trigger a rally to double digits, but if it slips through critical support, the XRP bull run may come to an end.

XRP Price: Key Levels to Watch Ahead

XRP price has recorded a slump of 0.5% today and exchanged hands at $2.28, after falling to as low as $2.23 in the last 24 hours. Notably, the crypto’s trading volume soared 26% to $2.6 billion, and its one-day high was recorded at $2.31.

Ripple’s coin has lost more than 5% in the last seven days and traded near the flatline in the monthly chart. Besides, XRP Futures Open Interest also fell over 2%, reflecting the waning risk-bet appetite of the investors.

Amid this, renowned expert EGRAG CRYPTO has shared key insights on the potential future movements of the coin. So, here we explore the key price levels and how they might decide the fate of Ripple’s coin ahead.

XRP Price at Make-or-Break Point

Renowned crypto analyst EGRAG CRYPTO recently highlighted a long-term XRP price chart on X, unveiling a rare bullish pattern for the asset.

According to the analyst, the yearly candle labeled “Candle 12” marks the “strongest Bullish Engulfing pattern.” He noted that this “engulfing process” started from “Candle 5” and extended through “Candle 11,” forming a consistent uptrend on higher timeframes.

Meanwhile, EGRAG CRYPTO explained that the body of these candles closed above previous ones, which indicates a bullish sign. On the yearly chart, these formations are seen as extremely positive, which signals a strong long-term trend shift.

He emphasized that “only a few understand” how rare and significant this is, especially when seen across such extended periods. These sets could trigger a major move if key price levels hold in the coming days.

Can It Breakout To $22?

The analyst noted that “Candle 13” shows a potential bullish signal. He has compared this to XRP price’s robust 800% surge in 2021, and applying the same percentage, he noted that Ripple’s coin can hit $17 this cycle.

Precisely, the target rests between two key resistance levels, $13 and $22. In addition, he even predicted that the price may rally further if the crypto breaks through these key resistances and the bullish momentum holds.

Warning: XRP Bull Run May End If It Loses This Support

Amid the bullish forecasts, that have fueled optimism among the long-term holders, the expert has highlighted key price levels that investors should watch ahead. He noted that anything between $1.85 and $3.4 is merely a “noise”.

According to EGRAG CRYPTO, if XRP price slips below $1.85 on the yearly chart, the bull run may come to an end. However, if it breaks through the $3.4 level, it might help the crypto to witness double-digit gains.

Having said that, investors are advised to tread cautiously before putting their bets into the asset.

What’s Next?

The recent consolidation phase of XRP price has sparked concerns among traders. Despite a flurry of catalysts, the crypto has failed to breakout and has hovered near the $2.3 level lately.

For context, the recent development of the US SEC starting a formal review of WisdomTree’s XRP ETF application has gained notable traction from investors. On the other hand, Nasdaq-listed VivoPower has announced plans to raise $121 million to build an XRP Reserve Strategy.

However, despite the developments, the XRP price has failed to showcase any major movements. Considering that, the investors are keeping close track of the price movements of the asset. Especially if XRP continues to stay in the red and loses the $1.85 support, it could mark the end of the bull run for the asset.

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