EGRAG CRYPTO highlights key levels for the XRP community to watch as price surges on ETF hopes.
The XRP community has had several reasons to be excited in the past few months, and the good times may be set to roll.
Over the past 24 hours, the U.S. Securities and Exchange Commission has further stoked hopes of a near XRP exchange-traded fund approval, leading the asset to outperform the broader crypto market. Amid the rally, one analyst has highlighted key price levels that market participants should watch.
A Looming Bullish Breakout?
At the time of writing, XRP is trading at the $2.7 price point, representing a 6% gain in the past 24 hours, the most of any other crypto asset in the top ten by market capitalization. This follows the SEC’s move to call for public comments on XRP ETF applications from Canary Capital, CoinShares, and WisdomTree on Wednesday, February 19.
Commenting on the price action, highly followed crypto analyst “EGRAG CRYPTO” highlighted that the asset is bouncing off the bottom of an ascending triangle pattern on the 12-hour candle chart to likely target the top of the resistance zone around the $2.83 price point.
The analyst, however, noted that the key level to watch was the $2.90 to $3.10 range, highlighting strong price resistance in this zone over the past few weeks and substantial upside room above.
“A Bullish signal will occur when XRP closes above $2.90-$3.10 with confirmation, turning it into strong support for a Bullish continuation and a major milestone from a structural perspective,” he wrote.
Specifically, EGRAG CRYPTO anticipates that a strong break above the $3.10 price level could send the asset back to multi-year highs of $3.4 reached in early January 2025, albeit with a potential pit stop at $3.2240.
One factor besides ETF speculation that could bolster XRP’s price is a positive resolution of the long-running case between the SEC and Ripple.
Many are growing increasingly hopeful of a resolution in this long-running legal battle that has clouded the asset’s prospects amid the SEC’s seeming pro-crypto leanings under the President Donald Trump administration.
Beyond the U.S., XRP may also receive a boost from Brazil, where the first XRP spot ETF has just been approved.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
