XRP is nearing a key technical threshold that analysts believe could shape its short-term trend. Crypto analyst Egrag Crypto reported that the token is testing a descending trendline which has acted as a ceiling for upward price moves in recent weeks.
XRP approaches crucial trendline resistance
XRP recently traded at $1.19, with attention now turning to its ability to close above resistance at $1.30. Egrag Crypto observed that XRP’s daily chart displays a series of lower highs since September, joined by a yellow descending trendline. This technical barrier has been tested four times, and the latest price movement could represent a fifth attempt to break through.
According to Egrag Crypto, a daily candle close above $1.30 would send an important bullish signal. Such a move would suggest that buyers are overcoming the persistent resistance that has limited upward momentum.
XRP maintaining a daily close above $1.30 could confirm a breakout, while holding support at $1.27 would strengthen the case for continued gains.
However, Egrag Crypto cautioned that only a closing price above $1.30 should be interpreted as a breakout, rather than a brief intraday rise beyond that level. When the analyst published his chart on November 4, XRP was trading near $1.307, sparking debate over whether the cryptocurrency can sustain that position as the new support zone.
Key support and upside targets
The analyst identified $1.27 as a pivotal support for XRP. If the token remains above this level, while staying above the trendline, it could signal strength and allow for further recovery in the days ahead.
Egrag Crypto outlined additional resistance levels following a potential breakout. The first key target is $1.3234, followed by $1.3551. If these levels are surpassed, attention shifts to the $1.3884 area, described as the Zone of Confidence, which may represent a strong upward objective for buyers.
| Price Level | Type | Description |
|---|---|---|
| $1.27 | Support | Must be held for bullish momentum |
| $1.30 | Breakout Barrier | Daily close needed for confirmation |
| $1.3234 | Resistance | First upside target if breakout holds |
| $1.3551 | Resistance | Second key resistance level |
| $1.3884 | Zone of Confidence | Major target for bullish case |
Market participants are taking note of these levels as they weigh the possibility of continued gains. The support and resistance points provide structure for traders monitoring XRP’s recovery potential.
Egrag Crypto calls for confirmation before rally
Egrag Crypto stated that he is not expecting an immediate surge, but would rather see the token break above resistance, retest this former ceiling, and establish support before a significant upward move can materialize.
He maintains that the longer XRP holds above the breakout level, the more convincing the case becomes for sustained gains. This cautious approach underlines the importance of structural confirmation in volatile markets.
The analyst also referenced Elliott Wave theory in his longer-term projection, suggesting that a broad upward move is possible if current technical supports are confirmed. Elliott Wave analysis attempts to predict future price trends based on collective investor psychology unfolding in repeatable cycles.
Mini dictionary: Elliott Wave theory is a technical analysis method that identifies wave-like market movements, suggesting that crowd psychology leads to repeatable price patterns. It is used by traders to forecast potential price trends in financial markets.
XRP is the native digital currency of Ripple, a blockchain company known for providing global payment and settlement solutions using distributed ledger technology.
Analysts will be closely watching whether XRP can achieve a confirmed daily close above $1.30 and maintain support at critical levels, setting the stage for potential bullish momentum.
