XRP Reaches Key Technical Level, Analyst Sees Upside Targets at $8

XRP has fallen to $1.11, down 16.39% in June, but well-known market analyst EGRAG Crypto believes it may have reached an important technical level.

EGRAG's analysis shows that XRP has retested the lower boundary of the Gaussian Channel on the 2-week chart, which has historically provided attractive buying opportunities before major price rallies.

The analyst sees this area as one of the best risk-to-reward zones for investors and notes that historically, XRP has traded in periods featuring fear and opportunity while below the central line of the channel.

EGRAG based his projections on XRP's previous performance relative to the Gaussian Channel's central line. He arrived at an expansion rate of around 265% by averaging two historical moves. Applying this figure to the current market structure produces an upper target close to $8.