XRP has exhibited a strong upside move this year, surging towards $3 following renewed optimism after the U.S. SEC acknowledged a filing by NYSE Arca for Grayscale’s XRP ETF application. Notably, XRP, this rally gained momentum after the crypto asset broke past the key $2 resistance, following news of the filing. That said, this sharp rise has sparked optimism among analysts, with some suggesting that the price could soon reach double-digit territory. Popular crypto analyst Egrag Crypto provided a detailed short-term outlook for XRP in a post on Wednesday, stating that last week’s flash crash was a “manipulation event” that liquidated many leveraged traders. He emphasized that XRP remains on an upward trajectory, maintaining strength as long as it stays above a critical blue channel. “ Wicks can occur, but if we close below any of the targets listed, it would be a negative signal,” Egrag Crypto had tweeted. “ Conversely, closing above any of the upper targets would be very positive. The higher the close and the longer the timeframe, the better.” The pundit further expressed hopes for XRP’s surging further, in a tweet on Friday, noting that anything between $2 and $3.40 is “just noise” in the market. “We’re now eyeing the Ascending Triangle. A close above $2.75 could lead to a positive move. Target Alert: The target is $3.40. Closing above this level is key for a new all-time high.” He tweeted on Friday, reiterating his bullish stance. Elsewhere, analyst Ali Martinez identified an ascending channel on the 4-hour chart, noting that “ As expected, XRP is rebounding from the lower boundary of its channel, gaining momentum toward $3″ . Similarly, analyst Arina Karayi provided a technical analysis on TradingView, noting that the price is stabilizing within a key zone consolidation area of the ascending channel. She further pointed out that a third touch on the lower boundary of the ascending channel could “act as a strong support zone, potentially leading to a bullish rebound” to $3.6. However, Karayi also warned that if bearish momentum persists and breaks the key support level, XRP may drop to targets at $2.2319 and possibly $1.9603 before any significant upward movement resumes. Additionally, analyst Dark Defender highlighted the Fibonacci indicator and the Elliott Wave Theory, suggesting that XRP might be in a correction phase before targeting higher levels. “Our structure has not been changed for 18 Months. When you zoom out, you see how successfully we defined the path. It was the same path for months. Fibonacci levels are precise at $5.85 and $8.76, which we precisely hit $1.88 and are now using as support,” he stated. At press time, XRP was trading at $2.22, reflecting a 1.96% drop in the past 24 hours.
