Bifrost Bridge Update Predicts Two-Digit XRP Price as Analyst Says Macro Structure Remains Intact

EGRAG Crypto, a prominent market analyst, insists that the XRP macro structure remains “fully intact,” as price trends toward higher targets.

The recent commentary comes on the back of the persistent struggles XRP and the broader crypto market have faced over the past few months. Since October, XRP has dropped nearly 22%, with its 3.87% decline in December alone putting it on track to record a third consecutive monthly loss for the first time since late 2022.

XRP Macro Structure Remains Intact

Despite this bearish pressure, EGRAG believes XRP’s macro structure remains intact, and the crypto asset is still on a path toward higher price targets. In his latest market analysis, EGRAG called attention to the Bifrost Bridge, an important structure that has guided XRP’s price action for years.

For the uninitiated, the Bifrost Bridge represents an ascending channel that has remained vital to XRP’s cyclical price movements since 2013. The channel has persistently acted as resistance and support over the years, dictating XRP’s next price direction. Currently, XRP remains within the channel.

In the latest analysis, EGRAG also identified a yellow support box resting between the Oct. 10 lows of $1.58 and the $2 price mark. The support box acts as an important area where the bulls can hedge against further declines in the XRP price. 

Reasons Behind the Bullish Stance

One of the reasons EGRAG believes XRP’s bullish structure remains intact is because the crypto asset has not recorded any monthly close below this support box despite occasionally retesting it amid the downtrend. In addition, he confirmed that XRP has spent 13 months accumulating above $2. 

This helps build the upcoming bullish momentum. Nonetheless, short-term downward pressure that has materialized as a result of this accumulation has led to bearish sentiments. But EGRAG suggested that these small movements do not change the overall picture. Instead, they are liquidity games for shaking out those without conviction.

EGRAG explained that the important factors shaping the market include the broader monthly structure, the overall macro trend, the steady formation of higher lows, and the growing presence of stronger hands. With these elements in place, a strong breakout ultimately becomes a question of timing.

Bifrost Bridge Could Guide XRP Price to $32

Meanwhile, EGRAG admitted that despite his bullish stance, XRP has still not broken above the Bifrost Bridge. For context, a break above the bridge often sets the stage for a greater price upsurge. The analyst confirmed that the bridge would continue to guide XRP’s price action for many more years.

Data from his chart indicates that the top of the bridge aligns with an XRP price of $32. Essentially, if XRP maintains its price action within the bridge and eventually soars to the upper trendline, a run to $32 could play out. From the current price of $2.08, XRP would need to soar 1,438% to reach the $32 mark.