Analyst Identifies Major XRP Support, Spots Journey to $7.5

Renowned market analyst EGRAG has identified a major XRP support level amid the current collapse, further spotlighting pivotal resistance points to breach on the path to $7.5.

EGRAG called attention to these crucial territories in his latest report on XRP, as the asset continued to record declines on the heels of the recent market retracement. The accompanying weekly chart shows that XRP has been consolidating between $0.75 and $0.46 since last August.

XRP Finds Support at $0.59

However, in an interesting turn of events, XRP has been witnessing higher lows on the weekly timeframe since it recovered from the $0.4853 low on Jan. 31. This trend signals growing strength which XRP has leveraged to battle against any drop below $0.56 despite the market bloodbath.

Commenting on this resilience, EGRAG stressed that XRP has now found robust support at the $0.59 price territory. He asserted that the crypto asset would never record a weekly close below this $0.59 price level, which aligns with the Fibonacci 0.382 point.

#XRP Fib 0.382 Major Support : #XRP will never close below Fib 0.382 on weekly TF. Wicking on 4h/daily is possible but it has no impact on the long term trajectory & strength of #XRP

Next Target: Fib 0.702-0.786 🎯
Next Major Pitstop: Fib 1.618-$6.4💰#XRPArmy STAY STEADY! 💪 pic.twitter.com/7BwMJ2GIc7

— EGRAG CRYPTO (@egragcrypto) April 2, 2024

According to him, XRP could register closes below the identified support on the 4-hour timeframe. However, he confirmed that such development is not pivotal enough to impact XRP’s overall long-term trajectory or even affect its strength.

Pivotal Levels on Journey to $7.5

With XRP looking to recover the losses of the latest drop, EGRAG has used Fibonnaci retracement levels to identify multiple resistance points the asset needs to breach to hit an ultimate price of $7.5. Notably, the next major targets to breach are the Fib. 0.702 and Fib. 0.786 levels, respectively stationed at $1.16 and $1.3.

After breaking above these targets, XRP would come face-to-face with the crucial Fibonacci 1 level currently at $1.96. The last time XRP tested this price was in April 2021, but the token failed to breach it. If a successful breakout occurs this time, XRP would push toward Fib. 1.272 at $3.32.

Breaching this target would result in a move above XRP’s current all-time high, taking the asset to a price discovery phase. EGRAG’s chart suggests that the next target is at Fib. 1.414 ($4.37), with the most pivotal pit stop stationed at Fib. 1.618 ($6.47). XRP would need to break this pit stop to reach the ultimate $7.5 target.

XRP Sees a Resurgence of Interest

Meanwhile, XRP currently trades for $0.5906, down 2% over the last 24 hours. XRP has seen a resurgence of interest among market participants, evidenced in its growing transaction volume. Volume has seen an uptick since it dropped to $277 million on March 31, per Messari data.

Throughout this month, the metric has remained above $1 billion, currently sitting at $1.33 billion. The current value represents a 26% increase from the $1.05 billion figure recorded a week ago and a 169% rise from $492 million witnessed 30 days ago.