Top crypto analyst EGRAG Crypto has shared an updated analysis on XRP’s future price trajectory. EGRAG reintroduced the “Bent Fork” chart, a tool he first presented in June 2023.
According to the chart, XRP’s upward price potential has now been extended to a peak of $17. The current price structure shows that $1 serves as a notable resistance level, both structurally and psychologically, for the market.
Besides, this price milestone marks a crucial threshold that could impact XRP’s trajectory in the coming months.
What you'll learn 👉
XRP’s Long-Term Accumulation Phase
The analyst also notes that XRP has been in an extended accumulation phase since April 2022, spanning nearly 950 days. This extended period of stability, according to EGRAG, could signal the groundwork for a major price movement.
As XRP’s chart structure tightens, the coin may be preparing for a substantial increase. Such a pattern aligns with previous prolonged accumulation periods, which have historically preceded major market shifts.
In the event XRP reaches the projected $17 high, EGRAG suggests that a bear market could follow, leading to an 80% retracement. This would bring XRP’s price down to approximately $3.5, a level that he considers essential for XRP’s long-term structural foundation.
Moreover, this price point, if reached, could serve as a new baseline where accumulation or ranging activity might resume. As EGRAG emphasizes, closing above this mark would be pivotal, potentially establishing a new level of support for XRP.
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BTC Dominance and the Potential for an XRP Bull Run
Supporting this analysis, another crypto analyst, Dark Defender, adds perspective on Bitcoin’s dominance.
According to his view, a decline in Bitcoin’s market dominance often precedes bullish runs for XRP, as seen in 2017 and 2021. Dark Defender’s insights suggest that a future decrease in BTC dominance could spark another rally for XRP, amplifying the possibilities laid out by EGRAG’s analysis.
Together, both analysts present a scenario that could guide XRP investors on the coin’s potential in both bullish and bearish conditions.
Data from CoinGecko indicates XRP trading at $0.5187, with minor recent declines, showcasing the crypto’s relative stability amid broader market fluctuations.
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