XRP is one of many altcoins experiencing a major pushback from the bears. The 3rd most valued crypto by market cap has shed mild gains due to the weekly selloff.
However, key players have not ruled out the possibility of a comeback. One analyst has outlined crucial levels to watch out for as he foresees a recovery.
Egrag Crypto, an analyst most known for his bullish XRP analysis, is again siding with the bulls as he outlines what he believes to be the next step for the asset.
While XRP could hit lower levels and drop below the $2 price mark if bearish woes persist, a break above the $2.08 price level could set the stage for XRP to continue upward.
“The next move depends on whether we break above the White Range specifically above $2.08. If not, we could see another retest of the lows around $1.9 ( Retest This Box Lower End).” He wrote.
The analyst shared an even more optimistic viewpoint, stating that a successful break above the $2.08 mark within a specific time frame could be a major indicator of the bulls’ arrival.
“But here’s the good news: Closes above $2.08 within the first 12 hours, along with daily and higher timeframe candles closure, signal that bulls are stepping in aggressively !” He added.
Laying down the key breakout zones, he points to the $2.30 and $2.33 price levels as the narrow range circled white on his XRP chart, while $2.65 sits as a macro signaling level, with $3 becoming a potential target.
At report time, XRP is trading at the $2.12 price mark, and as the analyst predicted, a drop to lower levels could be recorded from this point on.
