XRP: Analyst Predicts Rally to $3,20 if Key Support Holds

• XRP technical analysis.
• XRP Bullish Prediction to $3,20.
• Key resistance revealed.

O XRP , a cryptocurrency that has been the subject of much attention in the market, continues to oscillate in a sideways trading range, between $2,85 and $2,30. However, the price of XRP recently showed signs of recovery, breaking above the $2,60 mark, which led analysts to highlight the importance of breaking the resistance in the $2,75-$2,80 area for a significant upward movement.

One analyst who has been closely monitoring XRP is Egrag Crypto, who identified an ascending triangle pattern on the cryptocurrency’s 12-hour chart. According to the analyst, for XRP to continue its upward trajectory, it is crucial that the price “closes above the apex” of this pattern, located at $2,75.

“A close above this level will provide bullish confirmation to continue the upward trajectory, with a measured target of $3,20,” says Egrag Crypto. Such a move would represent a significant 20% increase from XRP’s current level. At the time of publication, XRP’s price is trading at $2,70, up 0.5% over the past 24 hours.

Source: TradingView/Egrag Crypto

Despite the optimism, the analyst warns of the possibility of a “bull trap” later in the month. He predicts a significant correction starting in mid-March, signaling the end of Wave 2 in the macro Elliott Wave count. However, he points out that Wave 3 is still to come, suggesting that investors may not be optimistic enough.

“However, we must remain cautious — there is a potential Bull Trap on the horizon. As March approaches, I believe we could see a significant correction starting in mid-March, signaling the end of Wave 2 in our macro Elliott Wave count. Wave 3 is still ahead… so remember, you may not be bullish enough yet!” finished .

Egrag Crypto’s analysis reflects the mixed sentiment in the XRP market, with investors looking for clear signs of direction amid volatility and regulatory news. Breaking the $2,75-$2,80 resistance could be a key catalyst for XRP, propelling the cryptocurrency towards the $3,20 target.