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$XRP emerged as a major headliner in the past week as the US Securities and Exchange Commission (SEC) officially dropped its four-year case with Ripple. Notably, this development resulted in a significant demand for $XRP as the altcoin surged over 13% to briefly trade at $2.60 on March 20. However, $XRP has since retraced over the last 24 hours and is now valued at around $2.39. Albeit, the altcoin still remains set for major bullish gains based on recent analysis by market expert Egrag Crypto.
$XRP Strong Monthly Close Indicates Major Upside Potential
In an X post on March 21, Egrag Crypto shares an interesting bullish prediction on the $XRP based on price action in recent months and the Fibonacci retracement levels.
The analyst notes that $XRP has consistently closed above Fib. 1.0 level over the past three months forming full body candles. This development demonstrates $XRP’s resilience amidst an uncertain crypto market reinforcing the potential of bullish momentum. This is because full-body candles provide stronger confirmation of price movements compared to wick formations.
With the altcoin maintaining such strong technical strength, Egrag predicts $XRP could soon start gaining with its first price target at Fib 1.236. However, there is no serious resistance at this level suggesting a continuous surge to Fib Circle 5 and Fib 1.414 i.e. a price range of $5-$6.
Based on the Fibonacci levels, $XRP could then see major price extensions to Fib 1.618 hinting at a potential price target of $9-$10. However, it is worth noting that the timing of these events is quite consequential for $XRP and the general crypto market.
According to Egrag Crypto, if the projected price gains occur between now and May, a price correction is likely to follow hinting at a continuation of the bull run and higher price targets for $XRP. However, if the anticipated price movements happen in the summer of 2025 or in Q4 2025, it could suggest a market top, marking the end of the current market cycle.
$XRP Market Overview
According to Coincodex, market sentiment is currently neutral as the crypto market struggles to establish a clear trajectory. However, there are some significant potential positives for the fourth-largest cryptocurrency on the horizon.
Aside from recent legal developments, Ripple CEO Brad Garlinghouse has expressed much optimism on an $XRP Spot ETF suggesting a possible approval before 2025 runs out. In addition, Garlinghouse expects US President Donald Trump to include $XRP in the digital asset stockpile.
At the time of writing, $XRP trades at $2.38 reflecting a 1.43% price loss in the past day. Meanwhile, the asset’s daily trading volume is down by 31.64% indicating a decline in market interest despite a recent price surge.
