Analyst Warns XRP Price Must Hold Above $2.33 to Avoid Bear Market
Crypto analyst EGRAG CRYPTO maintains a bullish outlook on XRP, despite challenges from the bearish market and ongoing legal issues faced by Ripple. Key price levels have been identified for investors to monitor.
Critical Price Levels for XRP
- XRP must hold above $2.33, the 2-Week EMA, to avoid falling into bear territory.
- Support at $2.65 is crucial; closing below this level could indicate trouble.
- $2.90 serves as a midpoint in the Linear Log Channel; maintaining this level suggests bullish potential.
- Further declines risk control shifting to bears, with $1.90 marking the "bear market line of defense" and $1.62 confirming a bearish trend.
Long-Term Outlook
- EGRAG remains optimistic about XRP's long-term performance, noting a significant price target above $20 if bullish momentum resumes.
- A close above $3.65 would initiate price discovery, potentially leading to substantial gains.
