XRP Price Analysis: Can it Break Out of Channel B and Rally to $1?

XRP is nearing crucial price levels on its monthly chart. According to technical analysis by EGRAG Crypto, XRP is trading within an established price range called “Channel B.” From July 2017 to the present, this channel has prevented XRP from closing above certain levels at the end of the month.

XRP is currently trading at $0.5536, up 1.59% in the last 24 hours. Trading volume has jumped 24.5% to $1.43 billion, and market capitalization has increased by 1.64% to $31.37 billion. The current price action suggests a potential breakout, with the price being squeezed at the upper border of the channel. A monthly close within Channel B could trigger a significant price rally.

Source: EGRAG

Resistance targets for XRP are $0.6450, $0.85, and $1.10. These levels act as critical barriers. The midpoint of Channel B, around $0.85, is a key level to watch. If XRP breaks above this level, the next target would be $1.10. A break beyond this point could lead to much higher prices.

On the support side, key levels are $0.48, $0.38, and $0.28. These levels serve as fallback zones if XRP’s price dips. A drop below $0.28 could indicate further declines, with the market possibly seeking lower support levels. However, XRP has shown resilience, with its price generally remaining within the boundaries of Channel B.

EGRAG Crypto also identified larger cycle targets for XRP based on Fibonacci retracement levels, including $7.5, $13, and $27. These represent potential long-term price projections. A monthly close inside Channel B could mark the start of a new bullish phase.

The key question is whether XRP can finally close within Channel B after several failed attempts. The coming weeks could be decisive for XRP’s price trajectory.