XRP is back above, $ 2, and Bullish Momentum gradually crawls back compared to its price action at the end of March and the beginning of April. Crypto analyst Egrag Crypto believes that this week can emphasize a turning point for a full flip in Bullish Momentum, and how the XRP price closes the week, will be very important.
According to the Outlook of the analyst, which was placed on social media platform X, the current XRP candle floats on the weekly period just above both $ 2.10 and the 2-week exponential advancing average (EMA). However, He noticed that The real confirmation is when XRP can close the week with a full candle above $ 2.25.
Why is $ 2.25 important for the price of XRP?
The level of $ 2.25 has now become more than just Another resistance in the short term. It is what Egrag is considering the last barrier for validating the recovery structure that was formed after March and the sharp retracement of April. His weekly graph shows XRP that climbs from a significant layer after bouncing the 0.888 FIB extension level and now stabilizes above the yellow EMA line of 21 weeks.
The coordination of the price of XRP above both the price level of $ 2.10 and this advancing average adds credibility to the potential of a bullish continuation, but Egrag makes it clear that a weekly close to $ 2.25 is the “lock -in” point. From a technical point of view, this would mark the first weekly candle above 21W EMA since the past four weeks. If reached, this can be interpreted that the bulls have recovered dominance and that a soil was established on 7 April.
Furthermore, it suggests that the bottom of 7 April will remain as support in the future. The graph also outlines narrow price targets at $ 2.51 and $ 2.60, with Fibonacci extension levels that project even higher zones to $ 2.69 on the way to the return above $ 3.
If you would not close more than $ 2.25, unwanted stories can re -introduce
Egrag has also issued a warning memorandum in case there is no clean outbreak. If XRP did not close the weekly candle above $ 2.25, he warned that it could cause a return of Beerarish stories, including what he called a possible ‘rate problem’. This is Referring to the recent rate Benetels between the US and China in the past month, that is unbalanced The investment markets.
A strong rejection was able to reduce the XRP price to the $ 1.96 Fibonacci level or even lower in the wider support band from around $ 1.58 to $ 1.30. The white box area on the graph above would then become the primary battlefield for bulls and bears if a close one above $ 2.25 is not protected at the end of the week.
