XRP Price Integrity Depends on 3-Day Candle Closes Below $2
The XRP price has been showing a pattern of consolidation and retracement. Analyst Egrag Crypto highlights the importance of XRP's 3-day candle closes for determining its future direction.
XRP Price Insights
- A key technical formation, a descending triangle, suggests a potential move toward $2.14.
- The price fluctuates between $2.40 and $2.60, with $2.65 as a critical target for regaining momentum.
- Failure to hold above $2.5 could lead to deeper retracements if candles close below $2.00 to $1.91.
Egrag Crypto warns that closing below these levels might indicate a structural breakdown, invalidating the bullish narrative. A peak near $3.65 could be the cycle top.
The 200 Exponential Moving Average (EMA) serves as long-term support, maintaining the bullish setup if XRP stays above it. The next 60 to 90 days are crucial for determining the year's trajectory.
Probabilities for New ATH
- Egrag Crypto presents a 57% probability of XRP reaching a new all-time high soon.
- A 43% chance exists for significant decline, potentially dropping below $1.
While probabilities lean towards a bullish outcome, bearish scenarios remain possible due to macroeconomic uncertainty and crypto market volatility. Egrag Crypto aligns his expectations with the 57% chance of a major breakout.
