XRP Price Correction Expected Before Major Upsurge to Chasm
XRP's price correction may not be over yet, according to market analyst EGRAG. He believes that before XRP can surge to a two-digit price target, it needs to retest support at the 300-week moving average (WMA). This level currently sits around $1.03.
Historically, XRP has followed a pattern where it first breaks above and reclaims the 300WMA, then returns to test the level as a fear-driven event or major news creates more volatility. In the 2020/2021 cycle, XRP reclaimed the 300WMA in July 2020 and moved above it by November 2020.
However, after hitting a high of $1.69 two weeks ago, XRP has been pulling back, with some analysts predicting that it could decline toward the $1.00-$1.10 range to retest the 300WMA. A move through this level would provide confirmation for the next major upsurge.
According to EGRAG's roadmap, after reclaiming the $1.65 level and breaking above the 300WMA, XRP could face resistance at $2.00-$2.80. Beyond that, potential targets include $15, $27, and $50, which align with the Chasm line.