XRP price recently retested a key monthly support level, sparking fresh speculation about its next big move. A well-known crypto analyst, Egrag Crypto, pinpointed $6.40 as the first major target in the upcoming bull market, marking a potential 500% rally from current levels.
Currently trading around $1.06, XRP has just bounced off a breakout from a symmetrical triangle pattern that has shaped its price action for years. Egrag Crypto warns, though, that if XRP falls below $1, it could drop further to the support near $0.88, which aligns with the 111-month Exponential Moving Average (EMA). Holding this zone appears critical for the altcoin's next leg up.
Resistance and Rally Points to Watch
Before reaching $6.40, XRP must clear several hurdles. The analyst flagged the importance of reclaiming the liquidity zone at $1.23 as a firm support. Doing so could trigger a move to $1.65, and surpassing this level would open the door to retesting the all-time highs around $3.00 to $3.50. Only after consistently holding above these levels and the 21-month EMA could XRP build momentum toward the $6.40 mark. In an extreme parabolic scenario, the price might even push toward $30.
This year, XRP’s price has shrunk by nearly 43%, indicating significant volatility. The token currently has a market cap of $66 billion and daily trading volumes around $1.33 billion. These numbers underline XRP’s ongoing battle to maintain its critical support zone between $0.88 and $1.00, which will likely dictate its trajectory for the months ahead.
This content is informational and not financial advice.
