The analyst has now laid out detailed conditions for XRP to reach $8

An analyst has now detailed the conditions for XRP to reach $8, while noting the levels to watch. A well-known market analyst has identified key levels for XRP to monitor on a daily, weekly, and monthly basis, establishing the necessary conditions for the cryptocurrency's upward trend. In the latest update on XRP price movement, this in-depth analysis is provided at a crucial time as XRP enters a significant consolidation phase. After surging to $2.90 on December 3, the price of this asset has since fallen back, fluctuating between $2.00 and $2.60 as traders await the next significant price movement. Detailed monthly and weekly information EGRAG analyst starts by emphasizing the importance of the monthly time frame. He emphasized that the closing price increase in December is very important as it will shape the trend for January. The text field is empty. To maintain XRP's upward momentum, monthly candles must avoid bearish patterns such as Hanging Man or Shooting Star. EGRAG determines $2.20 as an important support level; closing below this level may signal a negative trend, although short-term fluctuations below this level may be insignificant. If XRP can maintain a level above $2.20 when entering January, this could pave the way for a price increase. On the weekly chart, EGRAG notes that $2.44 is an important level to watch. While last week showed an upward trend in prices, the opening level of the current week is lower than the closing level of the previous week, raising some concerns.

He believes that if XRP can close the week above $2.44, it could create a price increase in January and February 2025. Maintaining a position above the $2 level on the weekly chart is also crucial to sustain the uptrend structure and prevent further decline. Shorter time frame analysis EGRAG also considers the 3-day chart, illustrating the struggle between buyers and sellers. After the price drop from the peak in December, the buying side has successfully defended the $2 level, keeping the XRP price above the necessary support level.

You determine the range from $2.17 to $2.53 as the current battlefield. Strong closure in this range will confirm control of the uptrend and signal the start of an uptrend. On the daily timeframe, EGRAG remains optimistic, noting that XRP has been trading within a defined range for the past two weeks. If this upward trend continues, he predicts the potential target for XRP to be between $7.50 and $8.10.

However, he believes that a significant move of Bitcoin, potentially reaching $120,000 to $130,000, could act as a catalyst for the breakthrough of XRP. Currently, Bitcoin is trading at around $100,848.11. EGRAG advises patience, given that a larger consolidation phase could lead to a more significant breakout. A deeper analysis of shorter charts In addition, EGRAG also analyzes 8-hour and 2-hour charts. The 8-hour chart shows a bullish trend following the ADX indicator, suggesting that XRP may be in the early stages of Wave 1, signaling the start of a new bullish wave. He predicts that the next waves could lead to a significant price increase.

The 2-hour chart reinforces this prospect as XRP is within the Bollinger Band, with a narrowing pattern signaling an impending breakout. This setting shows that XRP may soon begin its next price increase.

A Broader Perspective Another analyst, CrediBULL, shared an optimistic view on XRP in a separate comment. You encourage stakeholders to focus on long-term trajectory rather than short-term price fluctuations. According to his analysis, XRP has just completed Wave 2 and is preparing for a strong price increase in Wave 3, with the potential to push the price up to $8. After that, Corrective Wave 4 may form a triangle pattern, with a breakout from Wave 5 likely to skyrocket above $22. CrediBULL identifies the support level as $2.17 and the resistance levels as $2.52 and $2.90. Maintaining the price above $2 is crucial to sustain the uptrend structure, while breaking the price level above $2.90 would indicate a continuation of the uptrend. As of press time, XRP is trading at $2.34. DYOR! #Write2Win #Write&Earn $XRP {spot}(XRPUSDT)