XRP to $33? Chart sparks moonshot chatter among traders
Even though the majority of assets in the cryptocurrency market are having a mixed few days, still trying to decide which pull is stronger – bearish or bullish, XRP may be gearing up for one of its biggest moves yet, with analysts pointing to a chart pattern that could send it soaring to $33.
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As it happens, XRP’s current setup resembles a massive technical formation that could lead to two very different outcomes – $9.60 or $33, according to the analysis shared by popular crypto trading expert Egrag Crypto in an X post on September 23.
The pattern in focus
Specifically, XRP could climb to around $9.60 if the pattern resolves conservatively, whereas playing out with maximum bullish momentum could extend the target as high as $33, a price that traders have never witnessed before in the whole of XRP’s history.
Considering the fact that XRP was at press time changing hands at the price of $2.87, up 0.69% on the day, down 4.67% across the week, and declining 2.2% on its monthly chart, a rally to $9.60 would already represent a more than 3x move from current levels, while the $33 scenario would be over a 10x breakout.
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Recently, fellow crypto expert Ali Martinez highlighted the $2.78 region, which the token has already climbed up from, as a key support zone that could prove pivotal in determining if XRP stabilizes for a rebound, so the latest charts echo his sentiment.
All things considered, the key factor is whether XRP maintains momentum (which had been building ahead of the Federal Reserve Chair Jerome Powell’s speech) within the pattern’s boundaries.
Sustaining strength above critical support levels will be essential. On the other hand, failure to hold could invalidate the setup, while a strong breakout backed by volume would add confidence to the bullish targets.
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