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XRP Holds Key Level as $10 Target Emerges, Says Analyst
- Analyst EGRAG CRYPTO projects XRP could reach $9 to $10 in the next Elliott Wave leg, emphasizing the importance of XRP's position outside the Gaussian Channel on the weekly chart for a potential rally.
- XRP is currently trading above the Gaussian Channel's upper boundary near $1.75, signaling a bullish phase, but dipping back into the channel could jeopardize the uptrend.
- Failure to launch in July could break the historical pattern from the 2017 cycle consolidation, leading XRP to drift for 70-110 days and altering the macro structure.
- The 21-week EMA serves as a critical indicator for trend strength in XRP's movement, with closing above it indicating strong bullish momentum.
- $2.33 is noted as immediate resistance, with a break above $2.65 signaling confirmation of XRP's next major bull phase.
- Elliott Wave analysis suggests XRP's Wave 5 could reach $9 to $10, based on standard Wave theory projections and potential upside estimates.
- EGRAG CRYPTO highlights the importance of key levels for XRP: above $1.75 for bullish consolidation, below $1.75 for a neutral phase risk, and above $2.65 for a macro breakout signal.
- XRP's technical structure still favors bulls, indicating a potential significant upward leg if key levels are maintained.
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