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NewsBTC 2025-02-16 18:00:33

XRP Bullish Pennant Targets $15-$17, But Breakout Confirmation Required At This Level

XRP experienced a brief rally after the US Securities and Exchange Commission acknowledged Grayscale’s XRP ETF filing, momentarily causing bullish momentum. Although the surge has since slowed down, it has once again brought the $3 price level into focus. However, technical analysis suggests that XRP remains on track for higher price targets above $3. Related Reading: Bitcoin ETFs Get $2 Million Boost From National Bank Of Canada Building on this outlook, crypto analyst Egrag Crypto has projected that XRP could be heading toward $15 and possibly $17, citing the strength of its current market structure. However, he cautions that while the setup appears promising, a confirmed breakout is essential before these targets can be considered fully in play. XRP Bullish Pennant Points To $15-$17 Target Crypto analyst Egrag Crypto has built a reputation for making consistently bullish predictions on XRP, even during the prolonged multi-year lackluster phase when the token traded around $0.5. Despite skepticism from other analysts, the analyst remained firm in his long-term outlook and made various ambitious price targets for XRP. Many of these targets have now materialized in the last few months, with XRP climbing to multi-year highs and recently peaking at $3.40. In his latest analysis, Egrag highlighted that XRP’s price structure is trading within a bullish pennant formation. This bullish pennant formation, as in the name, is expected to result in a significant move upwards after the upper trendline of the pennant is broken. In terms of a price prediction, the analyst noted that a measured move from the lower end of the pennant translates to a price target of $15. A more aggressive projection, using the pole leg from the top of the pattern, points toward a potential rally to $17. Image From X: Egrag Crypto $3.40 Level Holds The Key To Price Target Confirmation While the technical pattern suggests further upside, Egrag stressed that the altcoin must achieve a solid breakout above $3.40 to validate this bullish trajectory. This level acted as a significant resistance zone in January and doubles as XRP’s all-time price high since 2018. A decisive move beyond $0.34 would provide the confirmation needed for further gains. In addition to highlighting the bullish pennant, Egrag Crypto pointed to a crucial support level represented by a yellow trendline on the XRP price chart above. So far, this line has been respected since the beginning of 2025 and, as such, is a good reference point for assessing XRP’s rally. As long as XRP holds above this support, the bullish case remains intact. However, a break below this trendline could introduce a more bearish scenario. Related Reading: XRP To 3 Digits? The ‘Signs’ That Could Confirm It, Basketball Analyst Says At the time of writing, XRP is trading at $2.74. In another analysis, Egrag noted that the XRP price must achieve a strong close above $2.75 in order to sustain an upward trend and finally break above $3. Featured image from MoneyCheck, chart from TradingView

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