"Just need to break the 'magic' $1.6 barrier"...XRP (Ripple) sets sights on $7.5 target

▲ Ripple (XRP)

XRP began July below its 50-month simple moving average, standing at a macroeconomic crossroads. Crypto analyst EGRAG CRYPTO has identified breaking above $1.65 as the key condition for the next major bullish phase, presenting a path that could lead to $7.5 and a long-term target of $42.

According to crypto media outlet The Crypto Basic on July 3 (local time), XRP started trading below its 50-month simple moving average in July. EGRAG CRYPTO analyzed that in past market cycles, similar trends often led to a final correction just before a strong rally. XRP historically showed a pattern of forming a final bottom near the 88-month simple moving average before initiating its most powerful surges.

EGRAG CRYPTO divided the future trend into three scenarios. He suggested a 55% chance that XRP will retest or temporarily dip below the 88-month simple moving average before embarking on an upward expansion. There's a 30% chance of quickly reclaiming the 50-month simple moving average, thereby avoiding a retest of the 88-month simple moving average, and a 15% chance that support near the 88-month simple moving average could break, requiring more time to form a new bullish structure.

The critical price that differentiates these three paths is $1.65. EGRAG CRYPTO diagnosed that XRP will remain in a 'macroeconomic compression' zone until it decisively breaks above $1.65. He explained that caution is needed while it stays below the 50-month simple moving average, but reclaiming that moving average could signal that market strength has revived.

Once a break above $1.65 is confirmed, the target prices also rise sharply. EGRAG CRYPTO suggested $7.5 as the first major target if a macroeconomic expansion similar to past market cycles begins. In the long term, he maintained a $42 target forecast, measured based on past cycle analysis. However, while acknowledging that "history may not repeat itself exactly," he assigned the highest probability to the scenario where a major rally begins after the final test of the 88-month simple moving average.

EGRAG CRYPTO's analysis suggests that if XRP quickly reclaims the 50-month simple moving average, it could be interpreted as a sign that a different trend from past cycles is unfolding. However, the decisive criterion for confirming the next macroeconomic expansion in his forecast remains the break above $1.65.

[Article Key Summary]

-XRP began July below its 50-month simple moving average, and EGRAG CRYPTO suggested a 55% chance of retesting the 88-month simple moving average.

-EGRAG CRYPTO identified $1.65 as XRP's key macroeconomic resistance level.

-Upon confirmation of a break above $1.65, the first major target is set at $7.5, with a long-term measured target of $42.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*