XRP Bullish Pennant Targets $15-$17 But Confirmation Is Required

XRP skilled a short rally after the US Securities and Change Fee acknowledged Grayscale’s XRP ETF submitting, momentarily inflicting bullish momentum. Though the surge has since slowed down, it has as soon as once more introduced the $3 value degree into focus. Nevertheless, technical evaluation means that XRP stays on monitor for larger value targets above $3.

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Constructing on this outlook, crypto analyst Egrag Crypto has projected that XRP may very well be heading towards $15 and probably $17, citing the power of its present market construction. Nevertheless, he cautions that whereas the setup seems promising, a confirmed breakout is crucial earlier than these targets might be thought of absolutely in play.

XRP Bullish Pennant Factors To $15-$17 Goal

Crypto analyst Egrag Crypto has constructed a fame for making persistently bullish predictions on XRP, even through the extended multi-year lackluster section when the token traded round $0.5. Regardless of skepticism from different analysts, the analyst remained agency in his long-term outlook and made numerous formidable value targets for XRP. Many of those targets have now materialized in the previous couple of months, with XRP climbing to multi-year highs and just lately peaking at $3.40.

In his latest analysis, Egrag highlighted that XRP’s value construction is buying and selling inside a bullish pennant formation. This bullish pennant formation, as within the title, is predicted to lead to a big transfer upwards after the higher trendline of the pennant is damaged.

When it comes to a value prediction, the analyst famous {that a} measured transfer from the decrease finish of the pennant interprets to a value goal of $15. A extra aggressive projection, utilizing the pole leg from the highest of the sample, factors towards a possible rally to $17. 

Picture From X: Egrag Crypto

$3.40 Degree Holds The Key To Value Goal Affirmation

Whereas the technical sample suggests additional upside, Egrag burdened that the altcoin should obtain a strong breakout above $3.40 to validate this bullish trajectory. This degree acted as a big resistance zone in January and doubles as XRP’s all-time value excessive since 2018. A decisive transfer past $0.34 would supply the affirmation wanted for additional features. 

Along with highlighting the bullish pennant, Egrag Crypto pointed to a vital help degree represented by a yellow trendline on the XRP value chart above. Up to now, this line has been revered for the reason that starting of 2025 and, as such, is an effective reference level for assessing XRP’s rally. So long as XRP holds above this help, the bullish case remains intact. Nevertheless, a break under this trendline may introduce a extra bearish state of affairs.

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On the time of writing, XRP is buying and selling at $2.74. In one other evaluation, Egrag famous that the XRP value should obtain a powerful shut above $2.75 with a purpose to maintain an upward pattern and eventually break above $3.

Featured picture from MoneyCheck, chart from TradingView