XRP Price Breaks Descending Channel With A $2.40 Target — Here’s The Roadmap

Crypto analyst Egrag Crypto has predicted that the XRP price could rally to as high as $2.40 soon. He made this prediction based on the altcoin’s breakout above a descending channel and revealed what needs to happen next for it to reach this $2.40 target. 

XRP Price Eyes $2.40 With Breakout Above Descending Channel

In an X post, Egrag Crypto stated that the XRP price has broken above the descending channel at $2.2. He further remarked that the altcoin now needs to break another descending channel at $2.2962. Once that happens, the analyst declared that the target will be for the token to close above $2.40. 

His accompanying chart showed that a successful close above $2.40 would put higher targets, such as $2.55, $2.71, and $2.88, within sight for the altcoin. This could pave the way for the altcoin to reclaim the psychological $3 level and aim for a new all-time high (ATH). The analyst also recently highlighted a ‘W’ pattern, which confirmed that a new ATH was in sight. 

Source: Egrag Crypto on X

Egrag Crypto stated that the price targets with this bullish pattern are $15, $22, and $40, which represent the conservative, average, and optimistic targets, respectively. However, he urged market participants to take their initial capital at lower targets, starting around $6 to $7. He added that they should also secure profits along the way. 

XRP Needs To Hold Its Current Level To Stay Bullish

In an X post, crypto analyst CasiTrades declared that the XRP price needs to hold above $2.16 to stay bullish. She noted that after reaching the $2.30 resistance, the price wasn’t able to hold the $2.25 support level. Instead, the altcoin is now pulling back to retest the top of the consolidation between $2.18 and $2.16.

 CasiTrades affirmed that this isn’t a breakdown, at least not yet, but that this test matters. The analyst explained that this is a critical zone and that holding above it keeps momentum intact. It also confirms that the XRP price is still in a breakout move, not just backfilling a structure. She added that this price action is very common, with a breakout, rejection, quick retest, and then launch. However, for that to happen again, she again stated that $2.16 needs to hold. 

If the XRP price fails to hold above $2.16, the crypto analyst warned that it risks a deeper downside and a broader trend reset. This then opens the door for token to drop to the $1.90 support. On the other hand, she claimed that XRP simply needs to flip $2.25 to support, and then the altcoin is set for “$2.69, $3.04, and beyond.”

At the time of writing, the XRP price is trading at around $2.19, down in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $2.18 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com