Despite the ongoing XRP price struggles, prominent market watcher EGRAG insists the altcoin shows no bearishness, as its chart still shows strength.
For context, XRP has been one of the biggest victims of the ongoing broader market downturn. Since hitting a high of $3.1 earlier this month, XRP has crashed more than 22%, currently trading below the $3 and $2.5 psychological levels, as it changes hands around $2.4 at press time.
Currently, the altcoin has collapsed by 15% this month alone. However, EGRAG insists it is not in a bearish position. In a recent commentary, the market watcher confirmed that most analysts now suggest that XRP has slipped into a bear market. However, he insists he has not observed even one bearish signal on the XRP chart.
According to EGRAG, these analysts leaning on the bearish side look to historical context and fractals from previous cycles to make their theories. Nonetheless, he noted that they have actually not identified any significant structural breakdown on the XRP chart to back up their bearish bias.
XRP Holds Above Ascending Trendline and Multi-Year Channel
He shared a monthly XRP chart that confirms that XRP has maintained a position above a multi-year ascending channel despite the current price struggles. Data from the chart indicates that XRP slipped into this channel when it crashed 77% to $0.3 on the back of the Terra collapse in mid-2022.
As prices ranged between $0.3 and $0.9, XRP remained within this ascending channel for over two years. Interestingly, a breakout occurred during the November 2024 upsurge above $2. Following the breakout, XRP also pushed above one of five ascending trendlines that define different regions of price positions.
XRP has continued to hold above this new orange ascending trendline and the multi-year channel since breaching both last November. Interestingly, despite the recent crash, XRP remains above these structures, confirming EGRAG’s claim that the altcoin has not witnessed a structural breakdown.
XRP Maintains Bull Flag
Moreover, the chart also shows that XRP’s price action since November 2024 appears to have formed a bull flag. Specifically, the flagpole formed when XRP soared 580% from $0.5 to $3.4 in January 2025. Meanwhile, the flag has taken shape with XRP consolidating within the $2 to $3 range since January.
Interestingly, XRP is also maintaining a position within the flag pattern, indicating that it is still valid. Essentially, XRP still maintains its position with respect to the orange ascending trendline, the multi-year ascending channel, and the bull flag pattern.
As a result, EGRAG insists there is nothing bearish about the asset. “The chart still shows strength, structure, and bullish resilience,” the analyst confirmed. Data from the chart indicates that XRP could first target the $3.22 price level once it embarks on a recovery campaign.
Beyond this, the next targets lie at $8.2, aligning with the 1.272 Fibonacci extension, $13.3 at Fib. 1.414, and $26.8 at Fib. 1.618. EGRAG has persistently predicted that XRP could rally to $26. Last October, the analyst identified this as the ultimate target using a standard deviation model.
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.
