Crypto analyst EGRAG CRYPTO has issued a bearish short-term prediction for XRP, suggesting a potential drop to $1.24 before recovery. He encourages holders to accumulate rather than panic sell, despite current prices hovering around $2.27. Significant market events, including new ETFs, have led to recent gains for XRP.
XRP’s price outlook has recently turned a bit gloomy, courtesy of EGRAG CRYPTO—a notable figure in the crypto world known for his historically bullish stance on XRP. In a surprising twist, he’s now predicting a short-term decline in XRP’s price, raising eyebrows throughout the crypto community. His message, shared on social media platform X, suggests that the ongoing market dynamics might lead to a significant downturn before any recovery can truly begin.
EGRAG has flagged a potential drop for XRP, possibly heading towards the price level of $1.24 before its expected recovery. He’s backed up this forecast with a detailed price chart, which illustrates XRP’s current standing within what he describes as a broader bull market structure. At present, XRP is trading below the bull market support band, a situation that’s persisted for over a month since it slipped beneath that threshold in mid-March. He points out that the longer XRP remains below this support band, the higher the likelihood of a significant retest in the near future.
According to EGRAG, XRP’s struggles are particularly evident as it has failed to reclaim critical resistance levels of $2.33 and $2.45—zones that represent the upper bounds of the bull market support on the daily chart. As long as XRP stays under these levels, he warns, bearish sentiment could dominate, dragging the price lower toward the 0.702 Fibonacci extension, which he notes is currently positioned at $1.24. Reaching this target would align with a key breakout structure from November 2024 that previously fueled a substantial rally in XRP that saw prices soar to $3.4. A test of the $1.24 zone could validate previous breakout strength, potentially setting the stage for a more sustainable uptrend.
EGRAG, despite sharing this bearish forecast, has urged XRP holders to remain calm and not to make impulsive decisions. He anticipated concerns from his followers and sought to clarify that he isn’t advocating for a sell-off in order to wait for a better buying opportunity. Instead, he’s promoting a strategy of accumulating XRP during this anticipated dip, rather than getting swept away by fleeting market movements.
While a dip down to $1.24 might spook some investors, EGRAG suggests it could ultimately lead to a major rally pushing XRP into double-digit figures—a long-awaited breakthrough. In fact, he has projected an ambitious long-term price target for XRP at $27. As the situation stands, XRP is trading at $2.27, reflecting a gain of 5.13% in the last 24 hours and 7.26% over the past week. This uptick coincides with ProShares’ recent SEC approval to launch three XRP Futures ETFs, and the launch of the first XRP Spot ETF by Hashdex in Brazil.
