Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. A new analysis by popular crypto chartist EGRAG CRYPTO on the social media platform X provides an in-depth look at five technical markets on XRP’s path forward. Notably, XRP’s price action has been experiencing a slight retracement and consolidationin early August following a rally in July during which XRP broke above $3 and reached new all-time highs. Key Things To Watch Out For With XRP’s Price Action
Currently trading just around the $3.00 psychological level, XRP’s price action is witnessing volatile candles across shorter timeframes. However, according to the technical outlookfrom EGRAG CRYPTO, XRP bulls appear to be defending key zones around $2.90, amidst the broader market sentiment remaining cautiously optimistic. Related Reading XRP Price Projection: 5 Key Things To Watch Out For As The Bull Market Unfolds 5 hours ago
The first key thing to watch out for is bullish closings above $3. Zooming into the 4-hour timeframe, EGRAG’s first key observation is that XRP has managed to close multiple candlesticks above the $3.00 threshold. This level is not only psychological but also a strong confidence boosterfor traders looking for confirmation of bullish continuation. Source: Egrag Crypto on X
Secondly, the charts show that most of the candle wicks are forming from the upside, a sign that while sellers are active, they have not overwhelmed the buying strength just yet.
However, the third key thing to watch out for is a possible correction. Particularly, EGRAG noted that a retest of the $2.96 to $2.93 price zone is possible in the near term. This price range has been marked as a short-term support zone, where buyers could look to reload if XRP briefly dips.
That being said, the more critical level for bulls to protect is $2.80, which is the fourth key thing to watch out for. According to the analyst, closing below $2.80 again would undermine the bullish structure and could cause downside momentum. As such, holding above this level is crucial for maintaining bullish momentum. Price Target Goals
The fifth key thing to watch out for as the bull market unfolds is price targets that can confirm bullish momentum.In terms of price targets and resistances, EGRAG noted specific price levels that would reflect new bullish energy and possibly a breakout to new all-time highs. Related Reading Analyst Warns XRP Investors Not To Let Fear Dictate Moves As Long As Price Holds This Level 3 days ago
The first milestone is a close above $3.185. This level previously acted as a rejection zone in late July. Therefore, breaching $3.185 with conviction would flip sentiment more decisively in favor of the bulls. Above that, the analyst highlighted $3.25 as the next key checkpoint, and surpassing it would put XRP in a strong technical position.
The resistance targets beyond that are $3.33 and $3.45, and these are breakout zones that could cause a new all-time high scenario. These targets align with the upper resistance blocks illustrated on EGRAG’s charts, and any solid close above $3.45 can be interpreted as a move to at least $3.65.
At the time of writing, XRP is trading at $3, up by 2.4% in the past 24 hours. XRP trading at $3.08 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com