A recent analysis by Egrag, a prominent crypto analyst, suggested a new rejected price high for XRP at the $15 price level, implying a 3,025%, or 30x, surge from its current worth.
Egrag based his analysis on XRP’s journey in what he calls; “The Bent Fork Roadmap.” The roadmap consists of 4 distinct tracks, each depicting a significant phase in XRP’s market cycle. These tracks are; Track A: Major Historical Support, Track B: Ranging Zone, Track C: Mid-Cycle Top, and Track D: Cycle Top.
#XRP: The Bent Fork (15$ & Historical Support)
Introducing the intriguing journey of #XRP, symbolized by "The Bent Fork," a roadmap with four distinct tracks:
Track A) Major Historical Support
Track B) Ranging Zone
Track C) Mid-Cycle Top
Track D) Cycle TopObserving the… pic.twitter.com/r5XRVC0a8T
— EGRAG CRYPTO (@egragcrypto) June 2, 2023
Read Also: Expert Chartist Says This Wave 3 Trend Can Send XRP Price to $12 or $50. Here’s the Timeline
Interpreting Egrag’s Roadmap
Per Egrag, the prevailing condition and trends in the crypto market suggest that XRP’s trajectory aligns more closely with Track D, the cycle’s top indicator. Egrag noted that the cycle’s summit indication would stand out as the most bullish run for XRP on the Bent Fork roadmap.
In addition, the renowned analyst spotted a red-labeled falling wedge that seemed to trap XRP since 2021. Egrag was confident about the possibilities of XRP gaining substantial support to stage a groundbreaking breakthrough if it breaks out of this falling wedge. Nonetheless, Egrag noted that if such a breakout should be anything to come by, it would require incredible determination.
On the other hand, XRP’s successful breakout would culminate in a tremendous price surge which could significantly improve the wider crypto sphere.
Is Now The Best Time To Buy XRP?
Egrag noted that the XRP selling price might fluctuate within a price range. It might even decline further based on the present market conditions. However, the crypto analysts maintained that now is the best time to leverage XRP’s price decline to amass XRP tokens in anticipation of the token’s rally.
Furthermore, Egrag pointed out an existing battle between the bulls and bears to assume control of XRP within the previously-mentioned red-labeled falling wedge. Per Egrag, the bulls must maintain XRP above the wedge to take up control of the asset’s price direction from here.
#XRP Bent Fork-$15 & Historical Support (UPDATE):
The #Bulls and #Bears are currently battling it out on the edge of the macro falling wedge.
To maintain control, the #Bulls should stay above the wedge, while the #Bears could potentially bring the price down to 0.45c – 0.47c.… https://t.co/vPee6Klubt pic.twitter.com/MbfiiTHZDk
— EGRAG CRYPTO (@egragcrypto) June 14, 2023
Read Also: Novatti Group Launches Australian Digital Dollar (AUDD) on the XRP Ledger – Here’s What to Expect
It is worth mentioning that Egrag reckoned the possibilities of the bears bringing XRP to the lows between $0.45 and $0.47. As of June 14, XRP declined to a $0.4663 price level but quickly recovered and is currently trading below $0.48 and changing hands at $0.4793.
The crypto analyst remains convinced that the low prices mentioned above are not indications of XRP’s lowest worth, as the bears could decline the price further between $0.35 and $0.37 selling price. Remarkably, Egrag noted that the price falls are avoidable if the asset succeeds in hitting the $0.58 – $0.63 price range which could see XRP surpass the falling wedge.
XRP Latest Market Trends
Per CoinGecko, XRP’s selling price is currently worth $0.484598. In the past 24 hours, the coin registered a price high of $0.486153 with a market low of $0.461861. However, in the past week, the token recorded a maximum worth of $0.558968 with a minimum price of $0.463358, implying a decline in XRP’s price over the week.
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