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XRP is back trading above, $2, and bullish momentum is gradually creeping backcompared to its price action at the endof March and beginning of April. Crypto analyst EGRAG CRYPTO believes this week could highlight a turning point for a full flip into bullish momentum, and how the XRP price closes out the week will be very important.
According to the analyst’s outlook, which was posted on social media platform X, the current XRP candle on the weekly timeframe is hovering just above both $2.10 and the 21-week Exponential Moving Average (EMA). However, he noted thatthe real confirmation lies with if XRP can manage to close the week with a full-bodied candle above $2.25. Why Is $2.25 Important For XRP’s Price?
The $2.25 level has now become more than just another short-term resistance.It is what EGRAG considers the final barrier to validating the recovery structure forming after March and April’s sharp retracement. His weekly chart shows XRP climbing out from a significant low after bouncing off the 0.888 Fib extension level and now stabilizing above the yellow 21-week EMA line. Related Reading Here’s What Happens If The XRP Price Closes Out This Week Above $2.25 2 hours ago
The alignment of XRP’s price above both the $2.10 price level and this moving average adds credibility to the potential of a bullish continuation, but EGRAG makes it clear that a weekly close above $2.25 is the “lock-in” point. From a technical standpoint, this would mark the first full-bodied weekly candle above the 21W EMA since the past four weeks. If achieved, this can be interpreted confirmation that bulls have regained dominance and that a bottom was established on April 7. Source:Egrag Crypto on X
Furthermore, it suggests that the April 7 bottom will continue to hold as support going forward. The chart also outlines close price targets at $2.51 and $2.60, with Fibonacci extension levels projecting even higher zones at $2.69 on the way to crossing back above $3. Failing To Close Above $2.25 Could Reintroduce Unwanted Narratives
EGRAG also issued a cautionary note in case there isn’t a clean breakout. Should XRP fail to close the weekly candle above $2.25, he warned it could trigger a return of bearish narratives, including what he referred to as a possible “tariff issue.” This is referring to the recent tariffback-and-forth between the US and China in the past month, which has unbalancedthe investment markets. Related Reading Crypto Pundit Reveals What Will Happen If XRP Price Does Not Break $2.3 1 week ago
A strong rejection could see the XRP price pull backtoward the $1.96 Fibonacci level or even lower into the broader support band of around $1.58 to $1.30. The white box region on the chart above would then become the primary battleground for bulls and bears if a close above $2.25 is not secured by the end of the week. XRP trading at $2.07 on the 1D chart | Source: XRPUSDT onTradingview.com Featured image from iStock, chart from Tradingview.com