XRP Could Rally to $17 as Bullish Pattern Takes Shape

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XRP Could Rally to $17 as Bullish Pattern Takes Shape

XRP is currently trading at $2.12, staying above the important $2.00 support level. Its up about 3% in the last 24 hours, showing some positive momentum. The coin tested the support zone again but bounced back, which means buyers are still active and willing to step in.

This bounce suggests the market might be starting to recover from the recent downturn. If the buying pressure continues, the market could soon see a relief rally.

According to analyst Egrag Crypto, XRP is currently forming an pattern, suggesting two possible price targets: a decline to $0.65 or a rise to $17. For a bullish breakout, XRP must first close above $3.50. If it reaches the $5 level but fails to sustain above it, this could signal a higher probability of the pattern playing out. A rejection at $5 would likely lead to a retest of the $1.90 level.

A successful breakout above $5, with a follow-through above $6, could drive XRP toward the $17 target within 2-3 weeks. However, the analysis hints at a 70% likelihood of a downside breakout, potentially pushing the price back to $0.65, with only a 30% chance for the bullish scenario. This pattern is not yet fully formed, and key price levels should be monitored closely for confirmation.