Egrag Crypto has posted a bullish outlook for XRP and has set $1.10 as a pivotal āIgnition Stageā for the tokenās price. In an X post on Tuesday, the analyst pointed out that this $1.10 price level could act as a starting point for a massive move higher. He indicates that if XRP can close the week above $1.10 and hold it as support, it may leave the $1 range behind.
XRP Target Levels
Based on the analysis, Egrag has set two major price levels for XRP. Without using logarithmic transformation, the first target is $6.40. This level is a significant jump from the present prices and offers XRP a good scope for growth if the $1.10 level is maintained.Ā
The second, which is more ambitious, is $13 and is arrived at through a logarithmic measured move. This level would be a significant achievement, which may completely change the situation of XRP in the crypto market.
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The analysis shows a long-term wedge pattern with XRPās price ranging within a converging channel. This wedge pattern points to a possible breakout as XRP is near the $1.10 resistance level. Egragās analysis notes that the price of XRP must close above this level for the token to open up to further gains.
Future Growth Potential
As of press time, XRP is trading at $0.5072, which means it is 0.93% down over the past day. Even though the price has recently been rather volatile, the chart shows a general appreciation of the XRP price, with the long-term rising white trendline providing support. The moving average line also points to the side of the potential breakout, which supports the further growth.
Investors are watching XRP closely as it approaches the $1.10 mark. A weekly close above this level could trigger a much-needed breakout and push XRP higher, possibly reaching $13. At the moment, XRP is still in the consolidation zone; however, Egragās analysis suggests the possibility of future growth.
