- XRP’s position above the Green Bent Fork hints at sustained bullish momentum.
- A daily bullish pennant predicts a breakout by February 2025.
- CoinsKid’s wave analysis sets targets at $4 and beyond $8.
XRP’s monthly chart offers promising signs of bullish momentum. Analysis by EGRAG CRYPTO suggests that the partial body of XRP’s current monthly candle is resting above the Green Bent Fork. If this setup can hold above the Green Bent Fork through January’s close, it will add to expectations of further upside.
The long-term outlook remains ambitious. EGRAG suggests that a significant price surge could push XRP to the Blue Fork levels of $30 and $50, with the White Fork marking a potential high of $60. These projections, therefore, gain weight as time unfolds since the rise in the price levels [‘Blue’ and ‘White’ forks] will be quite favorable for the cryptocurrency’s uptrend.
This setup would indicate that XRP is striking for a longer-term performance, presumably after the crypto has held its ground, and especially momentum in the higher time frames.
Daily Chart: Bullish Pennant Builds Momentum
The daily chart builds a bullish pennant for XRP. This would make rather modest expectations fairly optimistic from the asset in the forthcoming weeks. Based on these estimations prepared by EGRAG, the date of a breakout is believed to fall on February 3, 2025, at target areas within $5.1 to $5.4 levels.
In that perspective, to be more accurate for the conservative trader, this area’s floor may be an extremely good approximation; while in aggressive situations, it’s good to tend towards the high level of that area.
The structure of the contracting pennant confirms a tight action of the price, which has to break for continuation.
Here, XRP maintaining at the current level and building volumes can give passage to the projected shift upward. This pennant formation also has traders keeping watch on the narrowing into the date for a decision.
CoinsKid’s Elliott Wave Insights
Another layer of analysis given by CoinsKid insists upon the long-term potential of XRP since, according to Elliot Wave projections, Wave 3 was capped at around $4 with potential Wave 5 overshooting up to more than $8.31. However, CoinsKid says that in case the crypto market enters a possible bearish phase later in the year, these key level accomplishments from XRP have become important in itself.
Such wave targets reflect an overall optimistic view for XRP in the near future, despite this looming bearish scenario. Similar projections have emerged based on momentum within other technical patterns, and so this strengthens the case for a breakout in the months to come.
XRP’s charts remain a point of focus for traders and investors, with both the monthly and daily setups showing enormous potential for upside. Market sentiment is well below optimum, but how well XRP can sustain above key levels will determine whether these bullish forecasts can come into effect.
Related Reading : Jupiter (JUP) Airdrop of 612M Tokens Leaves Investors Eyeing XYZVerse’s Explosive Growth
