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Prominent market analyst EGRAG has identified an important resistance level for XRP, coinciding with the “Genuine Wake-Up Line.”
This crucial price level could mark the start of a major price uptick for XRP if the altcoin decisively breaks above it. In his latest analysis, EGRAG spotlighted XRP’s current position near the price zone despite the ongoing market pressure.
XRP Approaching Breakout Zone
Over the past few months, XRP has been trading within a narrowing price range. The accompanying chart shared by EGRAG calls attention to multiple structures that signal an imminent breakout.
Amid the range-bound movements, XRP has been consolidating inside two overlapping triangle formations—a smaller white triangle and a bigger yellow triangle. These formations show the tension between buyers and sellers.
Currently, XRP approaches the apex of these triangles. According to EGRAG, XRP has a maximum of 70 days remaining before it reaches the final point of convergence in these triangles. However, a breakout could occur much sooner, with the analyst predicting it may happen within the next 15 to 30 days.
The Genuine Wake-Up Line
The “Genuine Wake-Up Line,” a descending trendline that forms the upper boundary of the triangles, represents the first key resistance level for XRP. The altcoin has tested this line multiple times since 2021 but has yet to break above it.
EGRAG suggests that the pressure is building, and as time progresses, the breakout point becomes easier to reach. The analyst believes XRP’s first major target for a breakout is between $0.61 and $0.62.
If XRP manages to break through this level, the bullish momentum could push prices higher. EGRAG indicates that the first price target following this breakout would be $1.4679. This level aligns with the 1.618 Fibonacci extension.
XRP Long-Term Outlook
While the short-term breakout target hovers around $0.6112, EGRAG presented a much larger price target in the long run.
The analyst believes that if the bullish momentum sustains itself, XRP could eventually reach the $7.50 level. This ambitious target would materialize if XRP witnesses a strong rally, similar to the one it experienced in 2021 when it soared close to the $2 mark.
Meanwhile, EGRAG’s chart also includes an important long-term support level, referred to as the “Atlas Line.” This upward-sloping line, which acts as the lower boundary of the triangles, has provided a solid foundation for XRP’s price movement over the past several years.
Notably, should XRP fail to break out above the Genuine Wake Up Line and instead fall below the “Atlas Line,” it could signal a bearish turn. This would increase the risk of further downside, with the “Final Wake-Up Line” coming up as the last line of defense.