XRP: Critical $2.22 Support Test
- Crypto analyst Egrag Crypto is charting XRP’s course, suggesting possible price moves ahead.
- Currently, XRP is trading at $2.23, experiencing a dip of 5.8% in the last day and 7.3% over the past month.
- Keep an eye on $2 — it’s acting as a crucial safety net, while $3.00 is proving to be a tough ceiling to break.
Ripple’s XRP has definitely got the crypto community buzzing again lately, even though its price is feeling the pressure of a downward trend. Even after that big win against the SEC in court, which everyone was excited about, XRP hasn’t quite taken off like many expected. It’s currently hovering around $2.23, having slipped by about 5.8% just today.
This price action is really putting some important support levels to the test, and now analysts are weighing up whether we’re looking at short-term bumps in the road or the start of a bigger climb, with some even predicting highs of $15 down the line.
XRP Tests Critical $2.22 Support: Let’s See What Egrag’s Chart is Saying
Crypto analyst “Egrag” has pointed out how vital the $2.22 mark is for XRP right now. Looking at his chart, he sees this price point as a really important immediate support level – a level that’s been tested quite a few times before.
According to Egrag, if the buyers step in and defend this level successfully, we could see XRP bounce back up towards that major resistance zone around $3. However, if the price breaks below $2.22 and stays there, it could mean more downward pressure in the short term, possibly pushing XRP to test even lower support areas.
Looking at the Bigger Picture: Analyst Still Sees $15 Target After Impressive 600% Climb
For those thinking longer term, analyst “CryptoElite” is still very bullish on XRP, recently restating a bold price target of $15. Interestingly, this analyst apparently first shared this optimistic view when XRP was trading closer to $0.50.
What’s backing up this long-term view? They highlight XRP confidently breaking through resistance it had seen for years – that $1.95-$2.10 range – and the potential for a large “cup and handle” pattern to form on the charts as key signs.
CryptoElite’s analysis uses Fibonacci extensions, suggesting potential price targets around $8.34 and even $13.55–$15 if the strong positive market momentum continues, drawing comparisons to how the market has moved in past cycles.
Related: Decoding a 600% Price Prediction: Analyst Explains Why $15 for XRP Still Makes Sense
Regulatory Clarity and ETF Buzz: Still the Big Drivers for XRP?
Fueling these optimistic technical views are some really encouraging shifts in how the US is approaching regulations for XRP. Crypto researcher “Anders,” among others, points to the SEC lawsuit being dismissed as a huge step towards clearing up legal uncertainties around Ripple. He also highlights the SEC’s decision to backtrack on Staff Accounting Bulletin 122 (SAB 122). This change is significant because it now opens the door for regulated banks in the US to offer crypto custody services – a move that could be a real win for Ripple’s secure custody solutions and encourage bigger institutions to get involved.
Related: “You Have No Idea”: Is This Analyst’s XRP Chart Really Hinting at a Massive Price Explosion?
And the talk about a potential spot XRP ETF in the US is only getting louder. Nate Geraci, a well-known ETF expert, has even said that an XRP ETF feels “inevitable.” Even prediction markets are showing strong community sentiment, with recent data suggesting an 82% chance of approval potentially happening this year. An ETF approval is widely considered a potential game-changer that could bring a massive influx of institutional money into XRP.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
