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XRP High Stakes Setup: Analyst Warns Of Sharp Move To $17 Or $0.65
Renowned market analyst Egrag Crypto has shared another puzzling XRP price prediction stating the altcoin is at a major technical crossroads. This development follows a resilient price performance in the past week during which XRP gained by 2.07% as the broader crypto market stands bullish despite the announcement of new US trade tariffs. Related Reading: Cardano (ADA) At A Crossroads As Fibonacci Level Indicates Potential Fall To $0.42 Ascending Wedge Signals Incoming Volatility Which Way Will XRP Break? In an X post on April 5, Egrag Crypto issued a dual price forecast on the XRP market based on the potential implications of a forming Ascending Broadening Wedge pattern. Also known as the megaphone pattern, the chart formation signals increasing volatility and investor indecisions. It looks like a widening triangle with two diverging trendlines, as seen in the chart below. The Ascending Broadening Wedge presents high unpredictability and offers a 70% chance of a downside breakout and a 30% probability of an upside breakout. However, despite this statistical bias, the analyst postulates the chances of an upside remain valid if certain conditions are met. According to the analyst, XRP must first close above $3.50 for a bullish scenario to start taking shape. In doing so, the altcoin would surpass the local peak of the current bull cycle and confirm intentions of an upward momentum. Following this move, XRP bulls should then aim for the $5 rangeanother key resistance level that could determine the asset’s next major move. Interestingly, Egrag explains that a failure to convincingly close above $5 would only be a critical development that completes the formation of the Ascending Wedge Pattern and increases the likelihood of a breakout. If this rejection occurs, XRP is expected to retest the $1.90 area and make a second push toward the $5, this time breaking through and closing above $6. Egrag states the breakout above $6 would validate the bullish run and likely spark a surge toward double-digit territory with a potential target at $17.50 based on the Ascending Wedge Pattern. However, should XRP bulls fail to meet these conditions or follow this sequence, the historical 70% chance of a breakdown points to a downside target of around $0.65. Related Reading: Ethereum, Solana And Cardano Trend After Crypto Crash Heres What You Should Know XRP Price Overview At the time of writing, XRP trades at $2.14 reflecting a price gain of 0.60% in the past day. Meanwhile, the tokens trading volume is down by 62.92% in the past day indicating a fall in market engagement and a declining buying pressure following the recent market gain. In making any significant uptrend, XRP bulls must first reclaim the following resistances at $2.47 and $2.61 while avoiding any slip below the $2 support zone. Featured image from Outlook Business, chart from Tradingview
