Market analyst Egrag Crypto said XRP price structure is always very active despite the recent struggles of the cryptocurrency to break above $ 2. The analyst presented a chart analysis that shows XRP is gradually approaching an important decision point that can determine what the next to the top and push it firmly into its current configuration.
XRP Price Structure Still Strong
Wednesday, January 14, Egrag Crypto said XRP’s 3-day chart shows clear, strong signals. He pointed out that XRP remains stable despite experiencing long consolidation periods its last multiple above $2 this year. According to the analyst, the price of XRP is currently pressure inside the descending channel as it approaches the key decision area between $2.30 and $2.40. He explained that this type of pressure usually occurs after a strong move and can lead to a large price increase.
Related Reading
In his post on X, Egrag Crypto shared the key trends he saw on the 3-day chart of XRP. He stated that 50 Exponential Moving Average (EMA) has started to flatten, indicating that XRP’s selling pressure may ease. At the same time, 200 EMA continues to move higher, supporting the analyst’s view that the main trend of XRP is still bullish.
Egrag Crypto reiterated that XRP is holding above the EMA cluster, a sign of structural strength rather than weakness. He emphasized that the upper boundary of the descending channel coincides precisely with the critical resistance areas at $2.3, marked by the red line on the chart.
As these four events occur simultaneously on the XRP chart, Egrag Crypto shared details on their potential price impacts. He said a clean 3-day close above $2.40 could confirm XRP’s exit from the bearish channel. Based on the chart construction, he added that such a move could open the door for a move towards the $2.70 and $3.13 levels.
If XRP is rejected in the channel resistance, Egrag Crypto said that the price will probably remain border. He concluded his analysis by stressing that as long as XRP continues to trade above $2.0, its strong structure will remain the same, and this continuous integration phase it should be seen as a period of suppression before a possible major price increase.
Related Reading
Chart Signals May Be Deeper
On the Egrag Crypto chart, the lower border of the descending channel touches an important support area, marked with a white line. This would mean that if XRP fails to hold $2 and even if it falls below it, it can invalidate the analyst’s bullish thesis and cause a drop to the next support level at $1.65, which represents a drop of about 17.5% from current prices.
If the price drops below $1.65, XRP may crash to the last highlighted support level around $1.0, indicating a potential 50% decline from around $2.1.
The featured image was created with Dall.E, a chart from Tradingview.com
