- Egrag Crypto identifies $2.77 as XRP’s vital support, describing all price moves above it as “noise” within a continuing bullish trend.
- The analyst foresees a potential breakout from XRP’s ascending triangle pattern, which is nearing its completion stage.
- Despite bearish retail sentiment, Egrag maintains conviction in the long-term uptrend, with multi-figure targets still on the horizon.
XRP remains a topic of intense discussion as market analyst Egrag Crypto reaffirmed confidence in the asset’s bullish structure. The analyst stated that any movement above $2.77 on the two-month chart should be seen as “noise,” emphasizing that the broader trend remains intact despite recent volatility. XRP is currently trading near $2.81, marking a modest decline of around 1.75% over the past 24 hours.
Egrag’s analysis identifies $2.77 as a crucial support line on the two-month timeframe. The analyst noted that short-term fluctuations above this level do not threaten the ongoing uptrend. However, if the price closes below this threshold, it would indicate a possible reversal and a strong warning sign for long-term holders. The commentary directly addressed traders showing concern over the latest price movements, urging discipline and confidence instead of panic-driven reactions.
Long-Term Outlook and Technical Formation
Despite recent declines, Egrag continues to project a bullish scenario, anticipating that XRP could reach new all-time highs in the future. The analyst has previously forecast ambitious long-term price targets exceeding $27, based on Fibonacci extensions and complex chart overlays. Currently, XRP is approaching the latter stages of an ascending triangle formation, estimated to be about 70% complete. This stage often precedes heightened volatility and could lead to a significant breakout once confirmed.
Market sentiment among retail traders has shown a noticeable shift toward bearishness, with negative commentary beginning to outweigh optimistic views. The mood was further influenced by a large $600 million XRP transfer between Ripple wallets, which initially stirred speculation about possible institutional movements. Although the transfer was later confirmed as internal, it nonetheless triggered discussions regarding Ripple’s market positioning and liquidity management.
Strategic Position and Analyst’s Plan
Egrag emphasized that if the two-month candle closes below $2.77, the chart’s key line would turn red, signaling a potential trend break. In such a scenario, they plan to exit 80% of their position, preserving profits accumulated during the broader rally. Nevertheless, the analyst maintains that the current correction remains within healthy limits, reinforcing their view that the long-term bullish framework for XRP is still valid.
