Crypto Analyst Predicts Short-Term Drop in XRP Price: Here’s the Target.
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The price forecast for XRP has taken an unexpected turn, as one of its strongest advocates, EGRAG CRYPTO, has issued a short-term bearish outlook. Renowned in the crypto sphere for his optimistic views on XRP, EGRAG’s recent prediction has surprised many. In a message posted on social media platform X, he cautioned that the existing market conditions could lead XRP into a notable short-term downturn before any substantial recovery occurs.
EGRAG CRYPTO Predicts a Potential Drop to $1.24 Preceding a Rally
EGRAG CRYPTO indicated that the immediate price analysis for XRP suggests a possible sharp decline. To support his prediction, he presented a detailed price chart illustrating the current status within a broader bullish market structure. The chart indicates that XRP is trading below the bull market support band, a situation that has persisted for over a month since it fell below this threshold in mid-March. The longer XRP remains beneath this band, the greater the likelihood of a significant retest.
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EGRAG CRYPTO observed that XRP has not managed to reclaim the resistance levels of $2.33 and $2.45, situated at the top of the bull market support band on the daily chart. He elaborated that as long as the price remains below these levels, bears may continue to dominate, potentially dragging the asset toward the 0.702 Fib extension level.
The current 0.702 Fib target rests at $1.24, indicating that the price may dip to this level before bouncing back above the bull market support band. Significantly, this $1.24 area aligns with a crucial breakout structure from November 2024, which acted as a foundation for XRP’s ascent to $3.4. Therefore, revisiting this zone could confirm previous breakout strength and ultimately contribute to a more stable long-term uptrend.
EGRAG CRYPTO Advises to Accumulate XRP Rather Than Panic Sell
Despite his short-term bearish outlook, EGRAG cautioned holders against panicking or making hasty decisions. Anticipating potential concerns from followers, he clarified that he does not recommend selling XRP in hopes of timing a lower re-entry. Instead, he urged the community to continue acquiring XRP during the expected dip, rather than pursuing fleeting market trends.
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While a decline to $1.24 may be alarming for some, it could open the door to a much larger upward move that may propel the altcoin into double-digit realms. In another assessment, EGRAG CRYPTO has posited a long-term price target for XRP of $27.
As of now, XRP is trading at $2.27, marking a 5.13% increase over the past 24 hours and a 7.26% rise in the last week. This surge follows ProShares obtaining SEC approval for three XRP Futures ETFs to debut on April 30. Furthermore, Hashdex, a crypto asset management firm, has recently launched the inaugural XRP Spot ETF in Brazil.
Featured image from Adobe Stock, chart from Tradingview.com
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