Prominent market analyst EGRAG recently predicted that XRP would rally 94% to the $1.2 price target, citing the imminent breach of three pivotal resistance thresholds.
The analyst presented an XRP chart on the 12-hour timeframe, calling attention to multiple resistance and support levels for the crypto asset at its current price position. He drew out these pivotal levels with varying colored lines.
XRP Resistance Points Below $1.2
The first resistance level stood at $0.5976, stationed at the Fib. 0.382 point. XRP breached the $0.5976 resistance on Oct. 31, flipping it into support in November. The crypto token has since faced pressure from the bears, leading to retests of this support. However, XRP has sternly defended it.
In his latest analysis, EGRAG drew a blue fractal, tracing a projected trajectory to see XRP breach the following resistance points to the $1.2 price territory. According to the analyst, if this path plays out, it will result in an explosive and rapid short-term rally.
XRP 12H Chart | EGRAG Crypto
The second resistance point to break is the $0.7495 level, currently at Fibonacci 0.5. The last time XRP retested this resistance was on Nov. 13. However, it faced a potent roadblock that saw it drop 23% to a low of $0.5734 eight days later.
EGRAG is convinced the asset will conquer the $0.7495 resistance this time around. Should this occur, the third resistance point at $0.9399 would come into play. This was XRP’s peak price this year, attained on July 13 upon the ruling from Judge Analisa Torres.
This price zone has presented the biggest roadblock to XRP’s rally, hedging against the token’s uptrend to higher levels on July 13. If XRP crosses above $0.9399, it would eventually engineer a measured move to reclaim the $1 price. This would bring the $1.104 resistance into play.
Timeline for the $1.2 Target
EGRAG believes XRP would still break the $1.104 resistance, making its way to the much-coveted $1.2 price zone. According to the analyst, XRP would breach these resistance levels to hit the $1.2 price within a maximum of 55 days. This puts the target period in February.
The chartist admitted that up to 90% of XRP holders have lost their optimism due to the token’s recent underperformance. Recall that Solana recently surpassed XRP in market cap amid an explosive run.
EGRAG further called attention to a possible drop to $0.55 or $0.50. However, he remains convinced that the asset would eventually skyrocket in price, touting such a drop as a potential springboard for a more substantial run. XRP currently trades for $0.6165. Hitting $1.2 from this point would require a 94% surge.
