XRP’s potential rally toward $27 has become a hot topic. EGRAG CRYPTO indicates important Fibonacci levels and draws attention to the fact that XRP has broken above the 0.236 Fib Channel, a preface for a major uptrend when important levels are held intact.
The mentioned position above 0.236 of the monthly candle is vital. The closing may eventually unlock a pass to go for the subsequent Fib Channel level at the 0.382 Fibonacci level, says EGRAG. However, such a potential unlocking of this bullish rally comes if a strong persistence could be demonstrated here.
XRP Key daily levels in play
XRP crosses the 0.236 Fib Channel, but now its daily candle is put to a critical test. It should close above $2.12. If this level fails, then we are looking at a potential bearish reversal with a possible bottom of as low as $1.67, given by the lower border of the recently broken triangle formation.
While $1.75-$1.64 remains the equilibrium zone, continuous support in that area may consolidate the market for a possible rebound. Accumulation is reflected in SRSI data, which is currently preparing for a big move.
RSI insights: A make-or-break zone
The RSI monthly structure presents three important thresholds: 74, 70, and 65. A bounce off the 74 should firm up the bullish sentiment. The slip to 70 might suggest weakness, but recovery from that level is of greater importance. The 65 mark is the ultimate risk zone-falling and closing below it may end the bull run.
For now, XRP is holding its ground, but participants are still wary. Each level is highly critical the way it goes since the token is at a crucial turn.
According to EGRAG, the $27 will still remain at a distance because XRP shall manage to clear some key levels and maintain bullish momentum. The eyes are on the charts for traders awaiting the next decided move.
