XRP plunged to a 19-month low of $1.05 last Friday before rebounding to approximately $1.13. The token is currently up about 5%. However, analyst EGRAG CRYPTO suggests the broader market structure remains unfavorable and a deeper correction may still be needed to complete a capitulation phase before a potential larger rally can begin.
The XRP token dropped to $1.05 last Friday, marking its lowest price in approximately 19 months. It has since recovered to around $1.13, representing a daily gain of about 5%.
Analyst EGRAG CRYPTO noted that despite the rebound, the broader market structure remains unfavorable for short-term bulls. They explained that XRP may be in the final stages of a deeper correction before a potential rally.
The analyst pointed to a recurring pattern involving key moving averages on historical price charts. They stated that when XRP decisively loses the 50 EMA on the monthly chart, it historically triggers momentum loss, price breakdown, and emotional capitulation.
This sequence appears to be in play now, with the market’s trajectory still tilted to the downside. According to the analyst’s interpretation, this search for a macro bottom could mean XRP faces additional pressure to complete the cycle’s capitulation phase.
EGRAG CRYPTO believes this painful phase is necessary before XRP can head toward a more profound rally. The analyst emphasized that attempting to pinpoint the exact bottom is a notoriously difficult task.
“Trying to catch the perfect bottom is one of the fastest ways to miss the entire macro move,” the analyst stated. Their focus is on position building, liquidity management, probability zones, macro structure, and not ego.
The analyst’s macro price targets begin at a more modest $7 or $8. Subsequent, higher targets mentioned are at $13 or even mid-double digits.
