The Formation of a Bullish Candle Indicates That the Price of XRP Could Reach $22

Cryptocurrency analyst Egrag Crypto has highlighted the formation of a bullish candle, which could push the price of XRP up to $22. This comes as the analyst predicts that this altcoin could reach a market of $1.5 trillion. XRP Price Heading Towards 22 USD as Bullish Candle Forms In a post on X, Egrag Crypto predicts that candle 13 on the yearly chart could be a breakout candle that drives the price of XRP to $13 or $22. He also mentions the possibility of this altcoin skyrocketing above these price levels, with the wick of the candle extending even higher. Based on his analysis of Candle 9, the yearly candle for 2021, the analyst notes that Candle 13 indicates a target of around $17.

Egrag Crypto commented that this is perfectly aligned between $13 and $22 for XRP's price. He also commented on Candle 12, noting that this is the strongest Bullish Engulfing pattern. This engulfing process starts from Candle 5 and continues to Candle 11. The analyst added that the body of this candle closed higher than all previous candles, which is a "classic bullish sign". It is even more bullish when it appears on the annual or 12-month chart, as is the case here.

Commenting on the current price movement of XRP, Egrag Crypto stated that the noise is still high on higher timeframes. He noted that the body of candle 13 is above $1.85 and the wick of the candle extends to around $3.40. The analyst claimed that a close below $1.85 could mark the end of the bullish phase, while a close above $3.40 confirms that XRP is heading toward double digits. Interesting, the cryptocurrency analyst claims that December 31 of this year will be a memorable day in XRP history. He comments that market participants will see where the price of XRP is and what type of candle is forming for this legendary year. XRP at a Critical Level In a post on X, crypto analyst CasiTrades noted that the price of XRP has returned to the $2.25 range, which is one of the most important levels on the chart. She stated that this area has acted as both resistance and support since breaking out at $0.50 and that a proper retest is currently underway.

The analyst revealed that smaller time frames indicate this level may hold. However, she warns that confirmation on higher time frames is key and the price of XRP needs to close daily above $2.25 to confirm a bullish turnaround. CasiTrades added that whether this is the final pivot or not, this level remains a high-probability area for buyers. She noted that the next major support level is $1.90 if this support level of $2.25 fails.

As of the time of writing, the price of XRP is trading at around $2.21, down nearly 3% in the past 24 hours, according to data from CoinMarketCap.