XRP Breaks Above 21 EMA, Analyst Sets Next Targets at $0.80, $1.3, $2.8 and $5.5

XRP has sealed a comfortable position above the 21 Exponential Moving Average (EMA) amid the ongoing uptrend, with top analyst EGRAG setting next targets at $0.8, $1.3, $2.8 and then $5.5.

The recent analysis is a follow-up report to an earlier post he made on the subject. Interestingly, the analyst noted in September that XRP is on the verge of a monumental price surge, having kickstarted the momentum to a level he calls “Valhalla.”

In the latest post, EGRAG presented an update on XRP’s price movements, noting that the momentum has picked up. He called attention to XRP’s bullish price position in relation to the significant 21 moving average. Notably, XRP recently broke above the 21 EMA on the monthly chart.

Resistance at the 21 EMA

When an asset’s price breaks above the 21 Exponential Moving Average, it typically indicates a short-term bullish signal, suggesting that the recent price trend is positive and may continue to rise in the near future.

XRP had continued to trade within the range of the 21-month EMA since June when it hit a high of $0.5658 and dropped from the high, closing the month at $0.4729. This decline stopped the asset from breaking above the significant EMA.

Additionally, its performances in subsequent months did not provide enough support for a comfortable breakout. Despite the surge to $0.9380 in July, XRP still found major resistance at the level. The correction that ensued also provided strength to the bears, keeping XRP at the 21 EMA level.

XRP Aims for $5.5 Amid Recent Break

However, the latest uptrend has helped XRP register a comfortable breakout above the EMA. XRP is up 19.5% since last month, riding on the ongoing market-wide bullishness. EGRAG confirmed that the recent break above the 21 EMA signals “robust bullish momentum.”

The analyst set price targets for XRP, as the uptrend continues. The first target rests on the July 20 high of $0.83. Should XRP overcome the resistance at this level, the next price target is $1.3. EGRAG noted that these are short term goals.

Once the asset conquers the $0.83 and $1.3 targets, it would set sail on a path to $2.8, according to the analyst. The last time XRP saw $2.8 was in January 2018 when it dropped from the all-time high of $3.31. 

EGRAG’s analysis does not stop at $2.8, but projects a more ambitious target of $5.5 as the ultimate goal. XRP currently trades at $0.6150, up 0.65% over the last 24 hours. Reaching $5.5 would require a 794% increase, setting a new ATH.