XRP Surges 16.2% Weekly, Eyes $2.25 for Bullish Confirmation

XRP, the cryptocurrency, is currently trading above $2.10 and its 21-week exponential moving average (EMA), levels that are closely monitored by traders. This position is significant as it indicates a potential shift in the market sentiment surrounding XRP. According to analyst Egrag Crypto, a weekly close above $2.25 could confirm a reversal from the low point reached on April 7. This development would suggest that the dip to $1.64 on that date marked the cycle bottom, potentially avoiding a revisit to those lows in the near future.

XRP is currently trading at $2.17, reflecting a 1.8% rise in the past day and a 16.2% increase over the past week. The token has successfully reclaimed its 21-week EMA, a level that has acted as resistance in recent months. This reclaim is seen as a significant technical development, indicating a potential bullish trend. Egrag’s analysis underscores this progress but emphasizes that only a full-body weekly candle close above $2.10, the 21-week EMA, and especially $2.25 would provide strong confirmation of the bottom.

However, Egrag also warns that failure to close above these key levels—$2.10, the EMA, and $2.25—could lead to further downside. In such a scenario, XRP could revisit support zones near $1.96 or even $1.58. The chart also indicates future resistance levels at $2.51 and $2.60, with longer-term targets reaching up to $3.30 if bullish momentum continues. Egrag humorously noted that missing the close above $2.25 might revive negative narratives, comparing the potential volatility to the regulatory uncertainty seen in 2013.

Egrag has previously predicted a dip for XRP before any surge, warning of a possible short-term dip to as low as $1.40 before any major rebound. However, his long-term bullish sentiment suggests XRP could reach $7.50, $13, and $27. Complementing this view, analyst Steph pointed to a “Golden MACD Cross” on XRP’s chart, arguing a 486% rally could follow. Steph backs this bullish perspective with XRP’s historical performance, suggesting the trend is repeating. He expects a similar rally over the next four to five weeks.