XRP Bent Fork
The data in the chart confirms that the Bent Fork can be observed from a macro perspective of XRP's price action, tracking its monthly performance.
The chart outline features four distinct curved yellow trend lines or areas (labeled A, B, C, and D), forming a 'Bent Fork' shape. Each curve marks potential price levels for XRP, with trend line D at the top indicating a target of $17.
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XRP Bent Fork | EGRAG Cryptocurrency
It is important to note that the chart highlights XRP's long-term price accumulation and points out possible breakout points. The levels of $1 and $3.5 are significant milestones that XRP needs to surpass to establish a solid foundation for future growth.
First resistance level of Area B
It is noteworthy that XRP is currently trading above Area A. If the bears trigger a price drop to lower levels, this area can currently serve as support. Area B is located just above Area A, aligning with a price of $1.1, which represents the first resistance level to break through.
The level of $1 signifies XRP's structural and psychological resistance level. Since breaking below $1 in December 2021, XRP has been struggling to reclaim this level.
Breaking through this threshold will indicate XRP's strong momentum, as it means XRP is breaking free from the long accumulation phase that began around April 2022. This accumulation phase has now lasted 950 days, and a breakthrough will represent XRP's first push towards a target of $17.
Second resistance level of Area C
Breaking through Area B will allow XRP to enter Area C, which represents the second resistance level. This area aligns with the significant price level of $3.5, close to XRP's all-time high set in January 2018.
This level serves as a major resistance zone on a macro level. Breaking above $3.5 will validate the bullish trend and may establish this level as a potential new support zone. It is believed that closing above this level could signify a structural shift.
XRP target price of $17
Meanwhile, above Area C, the upward trend line target at Area D has reached a peak of $17, which is the final goal of this analysis.
To reach this level, XRP's current price needs to increase significantly by 3,265%. However, in a bear market scenario, dropping to $17 could lead to a significant pullback. Historical data shows that XRP may face an 80% retracement, returning to around $3.5.
In such a retracement, $3.5 will become the next accumulation or consolidation area. Staying above this level may provide support during the next market downturn. As of the time of writing, XRP's current stock price is $0.5052, down 0.45% in the past 24 hours.
