Key Level for XRP Price to Watch for Potential Surge

Summary:
Crypto analyst Dom has discussed crucial levels that the XRP price must reclaim for a potential rally to $2.50. He also noted the formation of a bullish pattern in the price chart, while other analysts provided insights on significant resistance and support levels.

Key Takeaways

XRP must reclaim the monthly rVWAP at $2.22 for a potential move to $2.50.
Analysts have identified critical price levels for bullish and bearish scenarios.
At the time of writing, XRP is trading around $2.18, showing a slight decline.

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XRP Price Level to Reclaim for a Surge

Crypto analyst Dom has shared updates on what might trigger the next price rise for XRP. He emphasized that the altcoin needs to reclaim the monthly rVWAP, currently located at approximately $2.22. Achieving this level could lead to a rally towards $2.50, which would represent a new high since the liquidation event on October 10.

In a recent post on X, Dom indicated that the XRP price is showing a perfect 3-drive pattern over the past six weeks, signaling a potential reversal in the crypto market. He observed that a higher low has formed, which could be the first indication of a trend change. Additionally, he noted that the order books are favorable, making this an opportune moment for a shift in XRP's price. Conversely, Dom cautioned that if the setup does not hold, a decline below $2 could occur, resulting in unfavorable price action toward the end of the year.

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Source: Chart from Dom on X

Important Price Levels According to Other Analysts

Another analyst, Egrag Crypto, has pointed out vital levels for XRP to consider. He noted that closing above $2.60, which is over the Fib 0.5 level, would be bullish. However, this does not signify that XRP will be fully out of economic trouble. He also stated that if the price closes above $3.40 (over Fib 0.888), it would indicate a strong bullish trend, suggesting a new bull market for XRP. Conversely, if XRP closes below the 21 EMA, it could indicate potential difficulties ahead.

Potential Breakout Towards $2.75

In another update, analyst Ali Martinez suggested that XRP might see a breakout toward $2.75 if it surpasses the $2.28 mark. His analysis indicates that a rally to this $2.75 level could set the stage for a move toward the psychologically significant $3 level. However, Martinez cautioned that if XRP drops below the key support level of $2, it may decline to as low as $1.20.

Additionally, analyst CasiTrades has predicted one last drop for XRP before targeting new highs. She outlined two potential scenarios after a backtest of the $2.04 level: either forming a double bottom around $1.80 or making a deeper drop to $1.64, which is the .618 macro support level. It's important to note that with XRP breaking above $2.04, this bearish scenario could be invalidated.

As of now, XRP is trading at approximately $2.18, reflecting a slight decrease over the past 24 hours, based on data from CoinMarketCap.

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XRP trading at $2.17 on the 1D chart | Source: XRPUSDT on Tradingview.com