XRP recently rebounded from $1 to about $1.60, following technical signals identified by Egrag Crypto, an independent market analyst known for his in-depth chart analysis of digital assets. E
XRP recently rebounded from $1 to about $1.60, following technical signals identified by Egrag Crypto, an independent market analyst known for his in-depth chart analysis of digital assets. Egrag Crypto reported that a bullish divergence emerged, highlighting a recovery phase while XRP’s Relative Strength Index (RSI) built a pattern of higher lows.
According to Egrag Crypto, the price action suggests that the bullish divergence could lead to a momentum shift and potential price expansion. As XRP approaches a key resistance zone, market participants are closely watching the next levels. Egrag Crypto’s chart places XRP near $1.34 with immediate resistance at $1.58 to $1.60.
The analyst notes that breaking through the $1.58 to $1.60 resistance band is critical for continuing the recovery trend that started near $1. If XRP moves above this area, $1.96 stands as the next major resistance point, and a successful move above it would lend support to Egrag Crypto’s broader market thesis, which he describes as the “Wave 3” scenario.
Egrag Crypto incorporates Elliott Wave Theory in his analysis, labeling the recent low on the chart as Wave 2, and projecting the next phase, Wave 3, as a push toward significantly higher price levels.
Mini dictionary: Elliott Wave Theory, a technical analysis principle that proposes prices move in repetitive cycles, typically labeled as waves, helping traders identify likely trends and reversals.
XRP exhibited a bullish divergence as price dipped, but the RSI consistently formed higher lows, while selling pressure decreased, suggesting sellers are losing momentum and a potential reversal is underway.
In his social media statement, Egrag Crypto emphasized that the RSI provided the initial bullish signal before any noticeable price movement. XRP’s price has since reacted, rising from the divergence area and approaching the outlined resistance zones.
Price LevelTechnical Significance$1.58–$1.60First key resistance area$1.96Major resistance, confirmation of Wave 3$3.00–$3.60Previous Wave 1 high, key milestone$3.65All-time high$6.42 / $13.38 / $22.55 / $29.63 / $43.83Fibonacci extension targetsThe $3 to $3.60 range on Egrag Crypto’s chart corresponds to the previous Wave 1 high and is viewed as a crucial milestone. Surpassing this range would put XRP just below its historical peak of $3.65. Higher Fibonacci extensions at $6.42, $13.38, $22.55, $29.63, and $43.83 are targeted within the scope of the Elliott Wave-derived long-term projection.
Egrag Crypto also referenced the possibility of a more significant move—up to a 20-fold increase—if XRP can hold above $3.60, underscoring the strategic importance of this resistance level within his overall outlook.
The RSI continues to be at the center of Egrag Crypto’s analysis. He highlighted that “RSI gave the signal first,” and that the latest price surge followed this early technical indicator. Progress through successive resistance zones will be critical in determining whether the anticipated Wave 3 expansion materializes.
An advance to $1.58–$1.60 marks the first major hurdle, while a break above $1.96 would confirm the emergence of Wave 3. Passing $3–$3.60 targets would open the pathway to considerably higher levels based on the Fibonacci extensions.
The current sequence, starting from the bullish divergence and shift in market momentum, is being closely watched by analysts and traders anticipating a sustained rally or a reversal at key resistance levels.
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