Crypto analyst EGRAG has discussed zones XRP must breach to sustain an upward momentum toward a two-digit figure, using a structure he calls the “Bent Fork.”
For context, the Bent Fork is a unique pattern EGRAG first introduced last June. The analyst has continued to observe XRP price movements in relation to the structure, with the updated chart highlighting adjusting its peak to $17, from the previous $15.
The XRP Bent Fork
Data from the chart confirms that the Bent Fork provides a macro-level look at XRP’s price behavior, tracing its performance on a monthly timeframe.
The chart outline features four different curved yellow trendlines or zones (labeled A, B, C, and D), creating a “bent fork” shape. Each curve marks potential price levels for XRP, with trendline D at the top, suggesting the $17 target.
Notably, the chart spotlights XRP’s long-term price accumulation and indicates possible breakout points. According to EGRAG, the $1 and $3.5 levels are important milestones XRP needs to surpass to build a solid foundation for future growth.
First Resistance at Zone B
Notably, XRP currently trades above Zone A, which currently acts as support should the bears trigger any price drop to lower levels. Zone B sits immediately above Zone A, aligning with the $1.1 price, which represents the first resistance to break.
EGRAG noted that this $1 level marks a structural and psychological resistance for XRP. XRP has battled to reclaim this level since its drop below $1 in December 2021.
Breaching this mark would signal strength, as it would suggest that XRP is breaking free from the long accumulation phase that began around April 2022. This accumulation phase has now spanned 950 days, and a breakout would represent XRP’s first push toward the $17 target.
Second Resistance at Zone C
A breach of Zone B would allow XRP to make its way toward Zone C, which represents the second resistance level. This zone aligns with an important price level at $3.5, near XRP’s all-time high, achieved in January 2018.
According to EGRAG, this level acts as a major resistance zone on a macro scale. A breakthrough past $3.5 would validate the bullish trend and possibly establish this level as a potential new support zone. He believes closing above this level could mark a structural shift.
XRP Targets $17
Meanwhile, above Zone C, the Bent Fork’s upper trendline at Zone D targets an ambitious peak of $17, which EGRAG describes as the ultimate goal of this analysis.
Achieving this level would require a massive 3,265% spike in XRP’s current price. However, EGRAG warned that hitting $17 may lead to a massive retracement in a bear market scenario. Historical data shows that XRP could face an 80% pullback, returning to around $3.5.
In such a retracement, $3.5 would serve as the next accumulation or consolidation zone. Holding above this level could offer support during the next market downturn. At press time, XRP currently trades for $0.5052, down 0.45% over the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
