XRP has struggled below the $1 price range with factors such as Ripple’s legal battle with the US SEC limiting its ascent. Moreover, many argue that Ripple’s monthly escrow token unlock adds to the selling pressure, preventing a sustained rally.
Despite the token’s struggles, analysts remain optimistic about its potential. In a recent X post, crypto analyst EGRAG updated one of his Ripple (XRP) predictions, “The Bent Fork,” created in June 2023.
#XRP : The Bent Fork ($17 & Historical Support) – UPDATE:
🔍 June 2023: We introduced “The Bent Fork Chart.” Here’s the latest scoop:
🎯 New Top Target: $17
🚧 Key Resistance: $1 – both a structural barrier and psychological hurdle.
🏆 All-Time High (ATH): $3.5 – breaking… https://t.co/CAdFw956Ej pic.twitter.com/H8IQ03tCYu
— EGRAG CRYPTO (@egragcrypto) July 8, 2024
In the previous analysis, Egrag projected XRP’s peak price to be $15. However, the analyst changed the target to $17 in the latest review.
EGRAG Remains Bullish on Ripple XRP’s Long-Term Prospects
In his latest update, EGRAG revisited the bent Fork Chart and set a new top target of $17, with $1 as a critical resistance level. According to EGRAG’s analysis, XRP returning to its all-time high of $3.5 could lead to higher price gains in the coming months, possibly reaching $17.
XRP fell below the $0.4 price channel on July 5 but has regained momentum. XRP nearly dropped below the $0.39 level with an intraday low of $0.39. However, XRP recorded slight gains in the past 24 hours.
EGRAG believes that XRP’s remaining above the $0.4 region is critical to further price gains. The analysis shows that a rally above the $0.75 price level will set XRP on a path to a new all-time high.
XRP rallied by 20% in mid-March to trade at $0.74 due to the positive market outlook in the first quarter 2024. However, this rally did not last long, and XRP has remained in a downtrend since its decline in March.
Furthermore, EGRAG noted that the $1 price point is a psychological barrier to Ripple XRP’s price. Once XRP overcomes this resistance, the next significant level is $1.8, which he labeled the equilibrium point.
EGRAG believes that after XRP hits the $1.8 price level, it could rally 3,763% to $17. This optimistic outlook is likely a product of XRP’s growing utility for financial solutions and its historical price patterns.
How is XRP Faring Today?
XRP has formed three consecutive green candles on the daily chart after finding support at the $0.42 price level.
After descending to a low of $0.40, the buyers rallied again, driving XRP back to $0.44. If XRP overcomes the $0.44 resistance level, it will likely reclaim the $0.5 price level.
XRP is trading below the Median Band of the Donchian Channel (DC), which confirms that the buyers and sellers are evenly matched. This market setup indicates a neutral sentiment and traders’ hesitation.
The RSI indicator also displays the neutral sentiment with a value of 41.31. The RSI indicator is rising, hinting at a possible recovery. Therefore, XRP will likely remain in the $0.42-$0.44 range until significant buying momentum returns to the market.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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