Crypto analyst EGRAG has revealed crucial price zones XRP needs to break for a potential rise to $17.
EGRAG, known for his unique “Bent Fork” pattern, highlights these levels in a new analysis. His chart shows a detailed view of XRP’s long-term price movements and resistance levels.
XRP’s Journey Through the Bent Fork
EGRAG’s “Bent Fork” pattern is designed to track XRP’s long-term price trends.
According to EGRAG’s analysis on X, the Bent Fork consists of four curved trendlines: A, B, C, and D. Each line represents a significant price zone for XRP. These zones act as barriers XRP must cross to continue its bullish momentum.
Currently, XRP is positioned above Zone A, the first level in the Bent Fork. Zone A acts as support, protecting XRP from significant drops in price. If XRP stays above this zone, it could prevent bears from lowering prices.
EGRAG notes that the $17 target, represented by Zone D, is the ultimate goal. This ambitious target highlights the potential gains XRP could see if it breaks through all the identified resistance levels.
Key Resistance at Zone B
The first significant resistance zone XRP needs to break is Zone B. This level is aligned with a price of $1.1. According to EGRAG, the $1 mark holds structural and psychological importance for XRP.
XRP has struggled to reclaim this level since December 2021, when it fell below $1. This long period of accumulation has stretched for nearly 950 days, making a breakthrough at this point crucial for XRP’s bullish prospects.
EGRAG emphasizes that crossing this $1 level would be a significant strength signal. A successful breach would pave the way for a potential rally toward higher price levels.
Second Resistance at Zone C: $3.5
After breaching Zone B, XRP’s next hurdle is Zone C, corresponding to the $3.5 price level. This zone is particularly significant because $3.5 is close to XRP’s all-time high reached in January 2018.
EGRAG describes Zone C as a critical macro-level resistance zone. Breaking through $3.5 would strongly confirm XRP’s bullish trend. As a result, making the $3.5 zone a new support zone would provide a foundation for further upward momentum.
However, the $3.5 resistance is expected to be a formidable barrier. XRP has not approached this level in years and would need substantial buying pressure to push through.
Still, analysts remain optimistic that breaching this resistance could lead to significant gains for the token.
The Ultimate XRP Target: $17
The final target in EGRAG’s Bent Fork structure is Zone D, which aligns with the $17 price mark. If XRP can successfully break through the previous zones, it could see a massive spike in price.
EGRAG estimates that reaching $17 would require an increase of over 3,200% from XRP’s current price. While this target may seem far-fetched, EGRAG warns that such a massive rally could lead to a sharp pullback.
Historical data suggests that XRP has faced significant retracements following major price spikes. In the case of a rally to $17, EGRAG predicts that XRP could see an 80% pullback, potentially dropping back to $3.5.
Despite this potential correction, $3.5 would serve as a new support zone during future market downturns. Investors would likely view this level as a critical accumulation point, providing stability during periods of market volatility.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
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