The crypto market is undoubtedly experiencing a bearish stronghold that has crippled the market performances of all crypto assets. Amidst the happenings in the crypto space, Egrag, an expert crypto analyst, remains hopeful about a potential positive turnaround in XRP fortunes in the long run. Egrag seemed very confident about his assertion and backed up his claims with salient points.
Egrag’s Verdict
Egrag was one of the few people who noticed the devastating impacts of the bearish storm on Ripple’s blockchain. He also predicted that XRP might experience a massive drop in price like the one in January when XRP sold for about $0.31.
Read Also: Ripple CEO Brad Garlinghouse Predicts New End Date for XRP Lawsuit: Details
Despite predicting a gloomy future for XRP, Egrag remains unfazed about the impacts of the crypto market dip in XRP’s recent market performance and is still confident about a bullish run for XRP. The crypto analyst predicted a $10 or $27 market value for XRP in 2025.
In a tweet titled “#XRP Mini Descending Channel (0.55c – 0.31c):” Egrag wrote, ” A descending channel is a bearish trend that is characterized by a series of lower highs and lower lows.
We might be in a mini Descending Channel & bearish for the short term but the GRAND SCHEMA is still intact, Nothing To Worry About. It is programmed to pump, it is a matter of Time.”
#XRP Mini Descending Channel (0.55c – 0.31c):
A descending channel is a bearish trend that is characterized by a series of lower highs and lower lows.
We might be in a mini Descending Channel & bearish for the short term but the GRAND SCHEMA is stil intact, Nothing To Worry… pic.twitter.com/hFHH2BF4g0
— EGRAG CRYPTO (@egragcrypto) May 11, 2023
In addition to his tweet, Egrag also shared a photo of the XRP daily chart. The chart indicated that the onset of the XRP descending channel was in late March after the completion of a lone rally.
Read Also: XRP Hits Correction Target Zone, Analyst Foresees $3.47 Price. Here’s His Chart
What Does A Descending Channel Imply?
A descending channel becomes eminent when an asset’s price tends to move consistently lower between two downward-sloping parallel trendlines. For XRP, a descending channel invariably gives indications of a bearish pattern notable for its consistent pattern of lower highs and lower lows. The fact that XRP’s market price falls with each new high point indicates the presence of more sellers than buyers in XRP’s dealings.
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