XRP analyst Egrag projects up to 2,000% upside if key resistance is broken

XRP displays bullish RSI divergence

Egrag Crypto’s recent analysis draws attention to a bullish divergence between XRP’s price and its Relative Strength Index (RSI). While the price has formed a lower low, the RSI is establishing a higher low.

This technical setup, commonly referred to as bullish divergence, is interpreted by analysts as a potential signal that downward momentum is waning despite persistent price pressure. Egrag pointed to this structure as a possible indication that XRP could be nearing a bottom, although he cautioned that major confirmation is still required before a trend reversal can be established.

The analyst further linked this observation to Elliott Wave theory, noting that XRP currently appears to be completing Wave 2 within a larger upward structure. However, a definitive breakout and a move into the stronger Wave 3 phase remain contingent on reclaiming significant resistance levels.

Mini dictionary: Relative Strength Index (RSI), a momentum indicator that measures the speed and change of price movements, is commonly used to identify overbought or oversold conditions in a traded asset.

Egrag identified that XRP’s price structure currently shows signs of weakening downside momentum, as the RSI forms a higher low even while price action creates a lower low.

Key support and resistance levels for XRP

Egrag pinpointed several support and resistance zones that could play a decisive role in the coming weeks. The region between $1.00 and $0.95 is highlighted as major support, providing a potential floor if downward pressure persists. In the event of further declines, the $0.75 as well as the $0.60 to $0.52 range serve as additional depths of structural support.

On the upside, the analyst cited the $1.30 to $1.60 range as an initial resistance band. Breakouts and sustained closes above this level, followed by advances to $1.96 and ultimately between $3.00 and $3.60, would bolster the bullish scenario. Importantly, surpassing the high established during the previous Wave 1 phase would provide confirmation for a shift toward the next major move.

Egrag emphasized that only a confirmed breakout above the previous Wave 1 high would strengthen the bullish outlook and support the view that XRP has entered a new impulse phase.

Egrag forecasts possible 20x upside in Wave 3

The most striking element of Egrag’s outlook is his projection for a powerful upward move if the technical structure aligns. According to Egrag, the last Wave 1 propelled XRP by roughly 1,200%. Since Wave 3 in Elliott Wave sequences is typically seen as the most impulsive phase, he projects a potential move between 1,900% and 2,000% from the anticipated bottom region.

Based on this scenario, Egrag set possible macro targets at $6.42, $13.37, $22.55, $29.63, and $43.83, representing up to a 20-fold increase from the starting price zone. Nonetheless, he stressed that realizing these higher targets depends on confirmation from the technical structure, particularly through breaking resistance and surpassing the previous high.

For now, Egrag’s analysis remains focused on monitoring XRP’s corrective structure and looking for conclusive signals that a new bullish phase is underway.