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With XRP staring down the barrel of bears, there are now a number of levels that are important to watch as the month progresses. Crypto analyst EGRAG CRYPTO has outlined these important targets for investors to pay attention to, as they could be the make-or-break points for XRP.
What To Watch Out For With XRP
At the start of the analysis, the crypto analyst first implores investors to make sure that they adjust their perspective as things change. This is to ensure that they do not lose sight of the macro picture and are able to keep up with the market trends. That said, there are different levels that are now determining where the XRP price could be headed next, as bulls and bears continue to vie for total control.
After breaking below $3 again, the XRP price is already at risk of being completely overtaken by bears as they continue to mount bear pressure. From here, the determining target lies at the $2.9 support, which the bulls must hold if there is going to be any further decline.
As EGRAG CRYPTO explains, if bulls do not hold this level, then XRP could be looking at a more than 10% crash from here. A break of this support would confirm that the price is fulfilling a Wave 5 structure, and the analyst sees this leading to a decline to as low as $2.65.
On the flip side of this are levels that could point to a resumption of the upward rally if broken. The first of these is to reclaim $3 decisively before moving toward the $3.13. Once the price is able to surmount the resistance at $3.13, this is where the real action starts as the first major milestone in the move.
Next is the $3.20 resistance, which needs a decisive close. As the analyst explains, closing above $3.20 will be the confidence boost needed to continue the upward move, and after here, there is a bit of a gap before the XRP price encounters the next major resistance.
Once the price gets to the $3.45 level, then it is gearing up to clear new all-time high levels. This gives way to the very last roadblock to new all-time highs, and that is the $3.65 target. This is where the analyst tells investors to watch as the price makes its way upward.
