Here’s the Short-Term Level XRP Must Close Above to Trigger Bull Run Back to $3

As the crypto market navigates another bearish phase, XRP is again in the spotlight, with renewed commentary about its price potential.

Although XRP didn’t benefit significantly from Bitcoin’s surge in May, it is now dipping alongside BTC as the leading crypto cools off and corrects previous gains. Over the weekend, XRP came close to breaching the $2 psychological level. Its price dipped to $2.0855 and has only recovered to $2.15 at press time. At this level, XRP is nursing a weekly loss of 8%.

Meanwhile, analyst EGRAG recently posted an update on XRP’s performance as it undergoes a slight recovery. He pinpointed the crucial level XRP must close above to spark a renewed surge toward the $3 mark.

The Line in the Sand for XRP Bulls

Specifically, EGRAG identified $2.30 as the short-term resistance level that could determine XRP’s next major move. According to him, a 3-day candle close above this mark, and above the 21-day Exponential Moving Average (EMA), would confirm a double bottom pattern and ignite bullish momentum.

EGRAG noted that this breakout would unlock targets at $2.50, $2.65, and the much-anticipated $3.00 level. These levels align with previous key resistance zones and Fibonacci extensions observed on XRP’s macro chart.

Notably, with XRP trading at $2.15, it needs just about a 7% gain to reclaim $2.30, which could determine its short-term uptrend. However, with the market largely bearish at the moment, even this modest green candle may pose a challenge for XRP.

Support Holds at $2.07 Amid Market Pullback

Despite the dip across the broader market, XRP has maintained support at $2.07. According to EGRAG, this level is critical for the bullish setup to remain valid. On the 3-day timeframe, this level has acted as the base of the double bottom formation. The analyst stressed that sustained defense by the bulls could pave the way for an upward move.

Larger Wave Structure Points to 1,200% Rally

EGRAG’s chart also illustrates an Elliott Wave structure, highlighting that XRP has completed a corrective Phase 2 and may now be entering a new impulse Wave 3.

Notably, the correction in this wave represents the pullback XRP has experienced since rallying to $3.40 back in January. During the correction, XRP dipped to lows around $1.60 before rebounding above $2.

However, its recent price movement has been slow, with growing anticipation for when the coin might resume the kind of dramatic run seen in the final two months of 2024.

EGRAG specifically projected a 1,200% rally that could push XRP’s price to $25 via this Elliott Wave breakout. 

Meanwhile, analyst XForceGlobal used a similar wave structure to forecast even more bullish targets. He identified $40 as a promising outlook while adding that even $10 is very conservative based on the current technical pattern.