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XRP’s price outlook has taken an unexpected twist as one of its most ardent supporters,EGRAG CRYPTO, issued a short-term bearish prediction. Known across the crypto community for his unwavering bullish stance on XRP, EGRAG’s latest forecast has caught many by surprise. In a post shared on social media platform X, the analyst warned that the current market structure could push XRP into a significant short-term decline before any meaningful recovery unfolds. EGRAG CRYPTO Warns Of Potential Drop Toward $1.24 Before Rally
According to EGRAG CRYPTO, the immediate technical outlook for XRP points to the possibility of a sharp correction. Backing up his forecast, EGRAG CRYPTO shared a detailed price chartshowing the current position within a broader bull market structure. The chart shows how XRP is currently trading below the bull market support band. Notably, XRP’s position below thebull market support band has dragged on for over month, ever since it broke below in the middle of March. The longer XRP continues to trade below this band, the higher the possibility of a significant retest. Related Reading XRP Surpasses Ethereum In This Major Metric After Outperforming For 6 Months 1 week ago
EGRAG CRYPTO noted that the XRP price has failed so far to reclaimthe $2.33 and $2.45 resistance zones, which sit at the upper edge of the bull market support band on the daily timeframe chart. He explained that as long as the price continues to trade under the $2.33 and $2.45 thresholds, bears could remain in controland drag the asset lower toward the 0.702 Fib extension level. Source:Egrag Crypto on X
In terms of a price target, this 0.702 Fib is currently sitting at $1.24, which means the price could crash towards this level before rebounding above the bull market support band. Interestingly, this $1.24 zone coincides with an important breakout structure from November 2024, which served as the launchpad for XRP’s rally to $3.4. Consequently, retesting this zone could serve as a validation of prior breakout strength and ultimately fuel a more sustainable long-term uptrend. EGRAG CRYPTO’s Advice: Accumulate XRP Instead Of Panic Selling
Despite his short-term bearish tone, EGRAG urged holders not to panic or make emotional decisions. Addressing concerns he anticipated from followers, he made it clear that he does not advise selling XRP to try and time a lower re-entry. Instead, he encouraged the community to continue accumulating during the predicted dip, rather than chasingshort-term market trends. Related Reading Crypto Analyst Reveals XRP Price Crash In The Short-Term, Here’s The Target 5 hours ago
A dip to $1.24, while unsettling for some, could pave the way for a much larger rally that would push the altcoin into the long-anticipated double-digit territory. In another analysis, EGRAG CRYPTO predicted a long-term XRP price target of $27.
At the time of writing, XRP is trading at $2.27, up by 5.13% and 7.26% in the past 24 hours and seven days, respectively. This comes as a response to ProShares securing SEC approval to launch three XRP Futures ETFs on April 30. Similarly, the first XRP Spot ETF was recently launchedby crypto asset manager Hashdex in Brazil. XRP trading at $2.3 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com