XRP Price Surge: Will $3.40 Be the Next Major Milestone?

• Egrag Crypto highlighted how chart biases can lead to missed patterns in XRP’s price.
• Market makers influence price shifts by targeting leveraged positions, affecting trends.
• XRP’s breakout depends on breaking $2.75, with a $3.40 target signaling further gains.

Egrag Crypto analyzed XRP’s price trajectory in a one-hour timeframe, focusing on the current market conditions. The technical analysis showed that XRP touched $1.77, and the ‘M’ pattern suggested a potential pullback despite a target of $2.21. Egrag pointed out that chart bias can obscure certain patterns, making it harder for traders to recognize key market movements.

The analyst also highlighted the role of market makers, who influence price movements by managing liquidity and large positions. Such players tend to focus on leveraged positions and can make changes that could cause fluctuations and confusion for traders. Egrag emphasized the importance of understanding how market makers impact crypto prices when analyzing trends. Traders have to consider such understanding when relying strictly on charting patterns.

Bullish Trend Formation

As of now, XRP is in the formation of a bullish trend. Egrag noted that a further bullish breakout would require the price to break and sustain above $2.75. This price level has been identified as a resistance level, and breaking above it could open the door for higher price movements. As of press time, XRP is trading at $2.69, showing a 10.81% increase over the past day.

The $2.75 level is critical for buyers, as a breakout above it could confirm bullish momentum. If XRP pushes above this level, it would represent a breakout, and there is potential for a further ramp-up. 

Related: Analyst Predicts Bullish Breakout as XRP Gains Momentum

The analyst outlines the price forecast of the XRP cryptocurrency at $3.40. This price level will be a milestone, suggesting that the cryptocurrency will be on its way to a new high. A move above $3.40 could validate the bullish outlook, attracting more buyers and driving further price gains.

XRP faces two key resistance levels at $2.75 and $3.40, which could determine its next price trajectory. A breakout through these levels could propel XRP to the next level of upward price movement and substantial returns. As with any market, external factors such as investor sentiment and broader market trends will influence XRP’s price movement in the coming weeks.

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