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Amid the recent XRP uptrend, prominent market analyst EGRAG has set out conditions necessary for the crypto asset to sustain its bullish momentum and potentially push toward $1.3.
XRP was one of the beneficiaries of the altcoin rally over the weekend. The crypto asset leveraged the momentum to conquer the $0.60 level on March 2, closing the day at $0.6442 amid an impressive 7.13% intraday gain. Despite correcting some of the gains on March 3, XRP held above $0.62.
Condition for XRP to Sustain Bullish Momentum
EGRAG believes XRP could sustain its bullish run but under certain conditions. According to the analyst, the primary criterion necessary for the sustenance of the momentum is a series of daily closes above the crucial Fibonacci 0.382 level.
Data from an accompanying chart indicates that Fib. 0.382 currently rests on the $0.6003 price territory. Interestingly, the last time XRP recorded multiple closes above Fib. 0.382 was in late November 2023, leading to a price run that culminated in a $0.70 high on Dec. 9, 2023.
#XRP Bulls' Next Task:
For the bullish momentum in #XRP to sustain, the bulls need to achieve a couple of consecutive closes above the Fibonacci 0.382 level in the short term.
The next critical milestone for the bulls is to secure a daily close above the Fibonacci 0.5 level,… pic.twitter.com/cE5KdqQdMe
— EGRAG CRYPTO (@egragcrypto) March 2, 2024
Since the analysis, XRP has continued to register closes above this level, with a $0.6442 price at the close of March 2. XRP also closed yesterday at $0.6271 despite the correction recorded. The asset would need to sustain this bullish pattern to retain the current momentum.
XRP conquered the psychological levels from $0.59 through $0.62 during the initial run last week. EGRAG emphasized that, amid the uptrend, the next formidable target the bulls would look to reclaim is $0.7529, a price point that aligns with the Fibonacci 0.5 level.
According to the analyst, should XRP record a daily close above this level, it would be a catalyst to push the current momentum further upward. XRP has now registered a daily close above $0.7529 since July 21, 2023. The last time the asset retested $0.75 was in November 2023.
Potential Bullish Targets
In a separate analysis, EGRAG explored moves essential for attaining predefined objectives, notably focusing on Fibonacci levels 1.236, 1.414, and 1.618. The realization of these targets could take XRP into a valuation range spanning $7, $15, or potentially even $30.
EGRAG spotlighted the importance of individual Fibonacci levels. Specifically, 1.236 signifies a prospective reversal or continuation point, 1.414 could identify potential price targets or reversal points, and 1.618 serves as the golden ratio, holding significance for price targets or pivotal turning points in the market.
#XRP Tactical Move In order to Achieve Strategic Targets ( Fib 1.236, 1.414 & 1.618):
Let me start with the Strategic Targets:
In any Fib Extension, these three targets are our main goals. Hitting any of them could push #XRP into the $7, $15, or $30 range. Here's why these Fib… pic.twitter.com/P9qLJC4RQj— EGRAG CRYPTO (@egragcrypto) March 3, 2024
The analyst emphasized that the tactical move involves closely monitoring the “W” formation on the three-day chart. According to him, this imminent formation remains valid and is coming up exactly how he envisioned it.
Notably, his assessment of the next measured move considers both logarithmic and non-logarithmic scales. For the logarithmic scale, his target sits at $1, while the non-logarithmic scale has a target of $1.2. The analyst further highlighted an extended target of $1.3.
According to him, it is important that XRP record multiple closes above the $1.3 extended target. Should the asset execute this, it would mark the end of its trading days below $1. XRP currently changes hands at $0.6258, down 1.03% over the last 24 hours.