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XRP XRP may pull back to US$1.20 and remains bullish. Analysts point out that the key support level
Just a few days ago, the price of XRP once rose. Market analysts had speculated that it had a chance to break through the first main resistance range (US$1.51 -1.53) before hitting the next resistance level (above US$1.60). However, the resurgence of short power dragged down the entire market, causing XRP to fall below US$1.35, before finding some support at the low level.
Despite this, well-known analyst EGRAG CRYSTPTO has not wavered. He hinted that even if there were further declines, it would not hinder the progress of the asset's bull market.
US$1.20 is a key macro level
The analyst, who remained bullish when XRP fell below US$1.00 in early August, said that even if the token price retracts back to US$1.20, its bullish structure can still be maintained. His analysis focuses on monthly charts and the relationship between the 33-cycle exponential moving average (EMA) and the 111-cycle EMA. He pointed out that historical data shows that these two moving averages help define the main cycle structure, and specifically pointed out the "life-and-death line":$1.20.
EGRAG believes that as long as XRP remains above $1.20 at the close of the month, the broader bullish logic remains true. However, if prices continue to fall below that level, he will have to reassess the situation, as this could invalidate the current pattern.
If XRP can continue to rebound from its recent low of $1.35, EGRAG points to $1.65 as the first major resistance level it needs to recover. Later, his view became more optimistic, pointing out that if the structure develops further, asset prices could soar to between $4.00 and $8.00. His more radical "Valhalla" scenario predicts prices above $15, but this is still highly speculative and depends on whether the macro environment is solid.
Is a similar market model unfolding?
Bird, another analyst bullish on XRP, outlined different structures on his four-hour chart, highlighting three downtrend resistance lines. He believes that after the first two resistance lines were touched, the tokens have seen a strong rise after finding support, and the third resistance line may be currently forming.
Bird identified a long-term rising support line, a major demand area near $1.30 -1.34, and resistance between $1.52 -1.56. As the above analysis notes, XRP has been fluctuating in these two ranges over the past few weeks. [TAG
Analysts believe that if the asset eventually breaks upwards and historical patterns repeat, this trend will open the door to $2.00. Interestingly, Celal Kucker also supports Bird's view, saying $2.00 is "within reach" by the end of the month after the XRP rebounds from "solid support".
$XRP is getting ready for something very interesting. [TAG
Look closely at this four-hour chart.
Notice this pattern?
Three downtrend resistance lines (orange).
After the first two resistance lines were touched, as XRP found support, both triggered explosive gains.
Now, we see that the third resistance line may be forming exactly the same setting.
We have a long-term uptrend support line (white), a major demand area around $1.30-$1.34, and resistance at $1.52-$1.56.
If history rhymes, breaking through that resistance could open the door to $2.00.
Three similar structures. A very interesting possibility.
I am paying close attention to this.
