Egrag Crypto, a top analyst and trader, shared an analysis of XRP’s price action on a 3-month chart. The trader highlighted the long-term strength of XRP, referencing a pattern known as the “Bifrost Bridge,” which has been a key support line for nearly 2,650 days.
According to Egrag Crypto, XRP’s uptrend remains intact, with no major breaks in market structure since its breakout in April 2017.
Bifrost Bridge Holds Strong for XRP
In his tweet, Egrag Crypto emphasized the significance of the Bifrost Bridge, a line on the 3-month chart that has acted as solid support for XRP. For more than seven years, the XRP price hasn’t closed a substantial portion of its candles below this line, indicating that the crypto is still on an upward trajectory.
#XRP Bifrost Bridge – 2,650 Days: The chart below is based on a 3-Month Time Frame and what’s fascinating is that the Bifrost Bridge is STILL holding strong for #XRP! This high time frame adds major weight and significance to what we’re seeing here! For nearly 2,650… pic.twitter.com/teMKCrX4uF
— EGRAG CRYPTO (@egragcrypto) September 19, 2024
This long-term support suggests that XRP is positioned to maintain its bullish momentum as long as the key level of $0.28 remains unbroken. Egrag Crypto described this price point as crucial to maintaining the market’s structure and overall trend.
XRP’s Uptrend Since 2017
XRP has been trending upward since its April 2017 breakthrough, according to Egrag Crypto’s analysis. The tweet notes that the current upward trend started with the significant breakthrough candle in 2017 and lasted more than 2,600 days.
According to the trader, XRP is in a strong state for future increases as long as it keeps trading over $0.28.
Additionally, the lack of crucial candle closures within the Bifrost Bridge during this period adds weight to the bullish outlook for XRP. This trend has remained consistent across higher time frames, supporting Egrag Crypto’s positive perspective.
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Key Support Level at $0.28
The $0.28 support level plays a critical role in Egrag Crypto’s analysis. As long as XRP doesn’t break below this price point, the market structure remains stable. The trader views this level as a healthy foundation for XRP’s long-term performance, encouraging investors to consider the current price movements as part of a broader uptrend.
With this level holding firm, Egrag Crypto suggests that XRP is well-positioned for future price rallies. Egrag Crypto’s analysis reinforces the idea that XRP’s long-term trend remains intact, despite any short-term fluctuations.
Moreover, the trader also noted that markets either trend or consolidate, and XRP has continued trending upward, signaling strong bullish potential. For now, the Bifrost Bridge remains a symbol of XRP’s resilience and upward momentum.
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