- EGRAG says XRP weakness may support a double-bottom formation ahead.
- Analyst highlights central trendline as key level for structure.
- XRP faces support near $1.14 while $2.20 remains resistance.
Crypto analyst EGRAG Crypto believes XRP may be approaching a decisive stage in its current market cycle, with the asset potentially forming a double-bottom structure despite recent price weakness. According to the analyst, XRP’s latest decline fits within a broader technical setup that has appeared during previous market cycles before significant advances.
Sharing a long-term chart on X, EGRAG highlighted a key support region and a rising central trendline that have defined XRP’s historical structure. He argued that while short-term weakness could continue, the broader formation remains intact and may eventually support a move toward higher resistance levels.
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EGRAG Sees Current Weakness as Part of Larger Structure
According to EGRAG, XRP has already slipped into a zone that he had been monitoring. However, he emphasized that the latest decline should not automatically be viewed as a structural breakdown. Instead, the analyst suggested that the asset may be building a double-bottom formation that could influence its next major move.
In his post, EGRAG responded to critics who have questioned the usefulness of technical analysis. According to the analyst, technical analysis focuses on probabilities, risk management, and market structure rather than predicting every market movement with certainty.
His chart outlines several multi-year XRP cycles that share similar characteristics. Those periods were marked by extended consolidation phases before XRP eventually moved higher. According to EGRAG, the current structure continues to resemble those historical formations despite recent weakness in price.
A major feature of the chart is a rising trendline labeled as the central line. According to EGRAG, this trendline has played an important role throughout XRP’s historical market cycles and remains one of the most significant levels to monitor.
Key Support and Resistance Levels Remain in Focus
The analyst stated that he expects XRP to revisit the central line in the future with a high degree of probability. He also indicated that additional downside movement remains possible before a stronger structure develops. However, he maintained that such a move would not necessarily invalidate the broader setup.
The chart highlights support near the $1.14 region while also identifying a lower support area around $0.80. According to EGRAG, a move toward that zone could still fit within the larger pattern if buyers eventually defend the area and establish a double bottom.
Meanwhile, resistance levels around $1.40 and $2.20 remain key barriers. A break above those levels could strengthen bullish momentum and improve the outlook for a broader recovery.
Long-Term Outlook Still Points Higher
Additionally, EGRAG’s chart includes a long-term projection that extends beyond previous resistance zones. According to the analyst, XRP could eventually target the $3 region before attempting a move above $8 if the broader cycle continues to develop as expected.
While those targets remain dependent on future market conditions, EGRAG argued that investors should focus on structure rather than short-term price swings. For now, the analyst maintains that XRP’s broader setup remains intact despite the recent decline.
EGRAG’s latest analysis suggests that XRP may be entering a critical phase where a double-bottom formation could emerge. Although further downside remains possible, the analyst believes the broader structure continues to support the potential for a future recovery if key support levels hold.
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