XRP investors are bracing for potential explosive gains as the cryptocurrency market continues to evolve. The token recently gained legal clarity, reducing the likelihood of being classified as a security, and now, eyes are on whether it will break the crucial $1 resistance level. A prominent crypto analyst, Egrag Crypto, has shared a bullish outlook for XRP, forecasting what he describes as ‘pure fireworks’ ahead.

The Analyst’s View: Preparing for a Breakout

Egrag Crypto, known for his insightful market analysis, believes that XRP is on the brink of a significant breakout. In a recent post on August 23, he highlighted the “Genuine Wake-Up Line,” a critical threshold that could signal the next major move for XRP. Despite recent market volatility, Egrag Crypto remains steadfast in his bullish stance, indicating that XRP is primed for upward momentum.

The analysis draws attention to two key formations: the white triangle, capturing the highs from 2021, and the yellow triangle, which suggests a potential dramatic upswing. Currently, XRP is trading within the $0.55 to $0.60 range, but the analyst emphasizes the importance of a weekly close above the $0.64 level. Achieving this could pave the way for XRP to test the $0.70 to $0.75 range, marking the “Genuine Wake-Up Line.” Breaking out of this range is crucial for XRP to begin its full upward trajectory.

Short-Term and Long-Term Price Targets

In the short term, Egrag Crypto expects XRP to reach targets of $1.3 to $1.5 before potentially retesting the triangle breakout. Following this, he anticipates a substantial rally leading to his primary target at $6.4, which aligns with the Fibonacci 1.618 level. The analyst’s message is clear: “$1.3-$1.5 before a retest of the Triangle Breakout. Then, brace yourself for pure fireworks! First Major Target: Fib 1.618 at $6.4.”

Looking beyond the immediate future, the analysis suggests that XRP could soar even higher, potentially reaching $7.5 as it fully realizes the potential within the yellow triangle formation.

XRP’s Next Resistance Level

Another analysis by The Moon also points to a possible breakout for XRP. The expert notes that XRP is currently consolidating within a bullish flag pattern on the one-hour chart, which could signal a continuation of its recent upward momentum. If XRP breaks out of this flag pattern to the upside, it could target the next major resistance level at $0.64. This level is crucial, as a successful breakout could trigger a significant rally, propelling XRP to new heights.

Legal and Industry Factors at Play

While technical indicators suggest a favorable outlook for XRP, other industry-related factors also play a crucial role in determining its price trajectory. The ongoing legal battle between Ripple and the Securities Exchange Commission (SEC) remains a key factor to watch. The outcome of this case could significantly impact XRP’s price, either positively or negatively.

In a related development, XRP Ledger developer Marvin Sunday has accused Ripple X and Ripple of allegedly failing to provide financial compensation to participants in the XRPL Ambassadorship program, which concluded in December 2023. These allegations have drawn attention to Ripple’s community engagement practices, raising questions about the management and fulfillment of their promises.

XRP Price Analysis

As of press time, XRP is trading at $0.59, with minimal gains of less than 0.1% in the last 24 hours. Despite this, the token has rallied over 5% in the past week, indicating a gradual upward trend.

To confirm any further gains, XRP needs to hold its valuation above the $0.60 resistance zone. If successful, this could set the stage for the explosive growth that analysts like Egrag Crypto are predicting.