In Brief:
- XRP faces another potential price decline as EGRAG identifies historical patterns resembling major corrections before previous bullish market recoveries.
- The $1 psychological level remains critical, while EGRAG identifies $0.75 to $0.85 as major support during potential market declines.
- Fibonacci projections reach $31.64, but XRP must reclaim descending resistance and its 21-period EMA to strengthen the bullish recovery outlook.
XRP could experience another major decline before staging a recovery, according to cryptocurrency analyst EGRAG Crypto, whose forecast draws on two previous market cycles. According to EGRAG Crypto, XRP is approaching a critical formation involving descending resistance and long-term support.
Previous corrections resembled XRP’s current struggle around $1, with EGRAG suggesting another downward wick could precede a bullish recovery toward Fibonacci extensions reaching $31.64.
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Historical XRP Patterns Point to Another Major Price Shakeout
EGRAG examined three descending resistance lines associated with previous recoveries. The first formation appeared around 2020, when XRP experienced a significant downward wick near descending resistance.
A similar structure emerged around 2023, with XRP experiencing another decline before gradually recovering from its lower trading range. Both formations involved the 21-period exponential moving average, or EMA.
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Significantly, the third descending trendline now approaches XRP’s ascending support structure near the psychologically important $1 level. EGRAG identified another potential shakeout before renewed buying pressure.
XRP Support Levels and Fibonacci Targets Come Into View
The TradingView chart shows XRP near $0.9844, with the two-week candle down approximately 11.40%, placing the cryptocurrency near a critical technical intersection. The chart also features an ascending white trendline connecting several historical support areas, with EGRAG identifying $0.75 to $0.85 as major support.
Meanwhile, $1 remains the immediate battleground, while the analyst outlined Fibonacci extension scenarios at $6.81, $10.30, $16.17, and $31.64. These speculative levels carry no confirmed timeline, while EGRAG emphasized that a downward wick alone would not confirm a bullish reversal.
XRP must reclaim its descending trendline and 21-period EMA with strength, while a sustained support breakdown could trigger further losses. Ultimately, the projected rally depends on renewed buying momentum and a convincing recovery above resistance.
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