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Analyst Egrag’s latest XRP chart analysis highlights a seven-year unbroken support level, fueling optimism for a potential bullish trend in the asset.
Recently, Egrag presented a chart that spans XRP’s historical price pattern on a monthly time frame, covering nearly a decade since 2014. He invited the community to examine the setup and share their thoughts on whether it suggests a bearish outlook or hints at a strong bullish trend.
Details of The XRP Chart
The chart highlights two key price levels: $0.41 (red) as a lower boundary and $0.75 (green) as an upper target. The $0.41 level is a support floor, while $0.75 represents a potential resistance or breakout point.
Meanwhile, a prominent feature of the chart is the “Bifrost Bridge,” a blue channel identified by Egrag. This channel appears to act as a support area, with XRP largely staying above it since early 2017.
While XRP has been in a downtrend over the past seven years, its price action on the monthly timeframe suggests it has not breached a critical support trendline. Since early 2021, XRP’s pattern has shown an upward trajectory within this channel, indicating a gradual bullish momentum.
Egrag first highlighted the Bifrost Bridge in October, describing it as a highly bullish trendline that has provided consistent support for XRP. He noted that XRP has remained above this line for nearly a decade, with no major price closures below it in the last seven years.
In his latest analysis, Egrag left the floor open for community members to offer their own perspectives.
Community Reactions
Many commenters agreed that XRP’s setup appears bullish, although some responded with a hint of sarcasm. One commenter noted that while the fundamentals suggest a bullish trend, the real question is whether XRP will miss this bull cycle as it did previously or if it will rise alongside other cryptocurrencies this time.
In response, Egrag pointed out that liquidity is increasing, Bitcoin is gaining momentum, and liquidity is flowing into the market. He emphasized that if Bitcoin makes a substantial move, it could lead to a drop in its dominance, which typically marks the beginning of a liquidity rotation into altcoins. According to him, XRP could potentially see a 10X to 20X gain in this cycle.
Liquidity on the Rise! – #BTC is heating up, and liquidity is flowing! 🔥 What we need next is for #BTC to make a big move, then see its dominance drop. That’s when the usual cycle kicks in, rotating liquidity through altcoins, and #XRP could grab its 10X-20X share! 🚀
With…
— EGRAG CRYPTO (@egragcrypto) November 3, 2024
Currently, XRP is trading at $0.5121, up 2% today but down 86% from its all-time high. Egrag encourages traders to view dips as opportunities to accumulate more XRP, as he believes a bullish trend is on the horizon.