XRP's Path to Potential Upsurge

On the monthly chart, XRP has been trading in a range, which may be an indication that the price of XRP is set to rise.

On the monthly chart, XRP has been trading in a range, which may be an indication that the price of XRP is set to rise. In a recent X post, Egrag highlighted that the cryptocurrency is currently establishing a bullish trend, which means there is a tendency towards an increase in weeks to come. The levels of 1.414 are also crucial for the Fibonacci Circle and they are considered as a major resistance level. This price level could further lead to a promising price action if token manages to go beyond this level.

#XRP – Fibonacci Circle Targets with Fib Extensions: #XRP is currently consolidating on the monthly time frame, forming a bullish pattern that signals potential upward momentum. The Fibonacci Circle at the 1.414 level is acting as a major resistance point. Once #XRP breaks out… https://t.co/ASkG6VewLf pic.twitter.com/ieAIHhymOw— Egrag (@egragorplasma) August 28, 2023

XRP’s Path to Potential Upsurge

A successful breakout on the upside might extend token to a new range with the first objectives being set at $8.5 to $13. After attaining this level, the price of the cryptocurrency may be liable to remain relatively stable for some time as it consolidates. After that phase is done, another surge may take place and it can go even up to $27-33.

This bullish scenario is yet to gain confirmation, and traders are patiently waiting for it to happen. One of them is technical and it will determine whether XRP will be able to retest the 21-daily Exponential Moving Average on the monthly chart. If cryptocurrency is bullish from this level, this would solidify the upward move, meaning that there is more potential for this cryptocurrency.

However, for the scenario to remain valid, XRP needs to stay above $1.64 on any time frame. A drop below such a level will see a shift in the expected direction and likely cause the bulls to lose steam. The forecasts will have to hold ground for the market to presage such a directional shift as noted in the above bullish pattern.

Key Levels for XRP’s Next Move

With this, traders are focusing on the charts, awaiting the breakout level to occur as cryptocurrency approaches the resistance levels. If XRP manages to break through the established Fibonacci Circle level resistance at 1.414, then the probability chances improve exceptionally. This would be good news to the traders who will prepare for the outcome after the variance is generated.

Despite such a technically bullish picture, there are several market conditions that need to be taken into consideration. Whether this technical analysis will come to this particular conclusion will depend on XRP’s performance and ability to hold onto key technical levels. As of press time, token is trading at $2.50, showing a 6.65% increase over the past 24 hours.

In the case that XRP sustains its current momentum and remains above $1.64, then the breakout could occur at any time. Traders currently focused on these levels will be able to gauge the next course of action in the coming weeks to deliver on the expected gains given by these technical formations.