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.
#XRP The Bent Fork – Macro Ranging (Update):Back in June 2023, I first introduced the "Bent Fork Chart" (check out the original post for clarity: https://t.co/28SO2GiJdK).Updated Targets:As XRP's curvature increases, so does the target. The new top for the "Bent Fork"… pic.twitter.com/pDKrANiUhQ
— EGRAG CRYPTO (@egragcrypto) November 1, 2024
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.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Read also: SUI Price Could Rise Past $3: Here’s Why
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.
As we said BTC Dominance was on top!Many mixed the last post with BTC price So check it again, it is dominanceevery time #BTC dominance PLUNGES, $XRP Bull Run begins like in 2017, 2021
— Dark Defender (@DefendDark) November 1, 2024
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.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Ripple Analyst Warns of Potential 80% Dip for XRP Price – Here’s Why appeared first on CaptainAltcoin.
