XRP News Today: XRP Stays Bullish on Updated Color Code Chart with $29.10 Target

XRP remains within a clearly defined technical structure as it trades around $2.90. Recent analysis from EGRAG CRYPTO, a prominent analyst on X, highlights that while short-term consolidation is ongoing, the broader chart remains consistent with a potential large-scale bullish move [1]. The analyst has updated his widely followed “Color Code” chart, maintaining the core structure but adjusting the projected timeline [1]. The updated model reaffirms that the market is still “on track” for a continuation of the bullish trend, with the blue supply zone performing as expected [1].

The Color Code chart categorizes price action into distinct zones. The red zone represents a key demand area, the yellow zone is considered an accumulation range, and the green zone consists of potential bullish targets. A critical event for bullish momentum is a close above $3.40, marking the beginning of the green zone. This level is seen as confirmation of a third-wave rally in the Elliott Wave structure, with EGRAG noting that any deviation from this projection would be “absurd” [1].

Fibonacci-based projections from the updated chart outline several resistance levels. The initial resistance is expected around $4.16 (1.272 extension), followed by higher targets at $5.38 (1.618), $8.75 (2.272), $11.32 (2.618), $18.41 (3.272), and a maximum target of $29.10 (3.888). These levels represent potential price milestones in a continued bullish phase [1]. Analysts view these as key confirmation points for an extended upward move, provided the price remains within the green zone.

On the downside, key support levels have been identified beneath the current price. The first support is at $2.72 (0.702 extension), followed by $1.98 (0.272) and $1.80, all within the red demand zone. A deeper correction could test $1.13 (1.272) or $0.92 (1.0), though the overall bias remains in favor of continuation rather than reversal [1].

Separate from the Color Code model, other reports indicate that XRP is aligning with broader market trends, with some analysts suggesting a short-term rally toward $3.60–$4.00 [2]. The Color Code analysis, however, continues to emphasize longer-term bullish potential, with price targets as high as $8–$13 expected within the September timeframe [3]. These projections are based on the updated wave counts and structural zones identified by EGRAG.

EGRAG’s analysis remains a key reference for XRP traders, with the chart’s structure intact and the projected wave counts reinforcing a bullish bias. Although immediate bearish pressures exist, the overall narrative remains aligned with continued upside potential [4].

Source:

[1] XRP Still On Track for These Bullish Targets - Times Tabloid (https://timestabloid.com/xrp-color-code-updated-xrp-still-on-track-for-these-bullish-targets/)

[2] XRP Price Tracks Bitcoin—What's Next for Crypto's Ripple? - Coinspeaker (https://www.coinspeaker.com/xrp-price-correlated-bitcoin-what-next/)

[3] What Is XRP's "Color Code" Forecast for September? - Coin Edition (https://coinedition.com/why-are-traders-watching-xrps-color-code-for-a-september-peak/)

[4] Why Are Traders Watching XRP's “Color Code” for a ... - CryptoRank (https://cryptorank.io/news/feed/c84f6-why-are-traders-watching-xrps-color-code-for-a-september-peak)