XRP has been struggling lately, dropping over 10% in the past week and hitting a low of $2.06. But one analyst, Egrag Crypto, sees a potential turnaround.
A Bullish Pattern?
Egrag spotted an “inverse head and shoulders” pattern on the XRP chart. This is a classic sign that a downtrend might be reversing and a price increase is coming. Think of it as a sideways “M” shape on a price chart.
This pattern, however, is only valid until April 20, 2025, according to Egrag. Crucially, the price needs to stay above $2 per day to keep this bullish scenario alive.
Key Levels to Watch
A breakout above $2.65 (the “neckline” of the pattern) would confirm the bullish signal. After that, XRP might face resistance around $3.00. Breaking through that could send it to $3.20-$3.40.
Price Predictions
Egrag predicts a price target of $3.70-$3.90 if this breakout happens, potentially even a new all-time high. A further rise to $4.60 is possible, but Egrag cautions that could be a sign of investors selling off, leading to a price correction.
Current Market Conditions
Right now, XRP is trading around $2.18, and daily trading volume is down, suggesting selling pressure might be easing. The upcoming end of the SEC’s case against Ripple in May could also provide a boost to XRP’s price.
