XRP news today: XRP Faces Bearish Turn, Needs 10% Gain to Confirm Bottom

Prominent crypto analyst EGRAG CRYPTO recently shared a detailed analysis regarding the short-term performance of XRP, focusing on technical indicators and market structure. The analysis highlights both caution and opportunity, centering around the digital asset’s current price action and critical levels that must be surpassed to maintain bullish momentum.

According to the analyst, XRP is showing signs of weakness. The asset is below the upper edge of the Bull Market Support Band, and it could experience a bearish turn if it remains there. For XRP to confirm that it has reached a bottom, it needs to close above $2.33 and $2.45, which are specific resistance levels essential for dispelling bearish sentiment. The Bull Market Support Band, previously referenced by the analyst, is marked on the chart as a crucial area to monitor in the coming weeks.

The 0.702 Fibonacci retracement level, near $1.24, plays a significant role in EGRAG CRYPTO’s outlook. This level coincides with a previous breakout structure, reinforcing its importance as a key support zone if the price declines. The analyst highlighted this level as a major retest, suggesting that if the digital asset fails to break above the upper boundaries near $2.45, it could drop to that level. However, he emphasized that the broader outlook remains optimistic despite the potential for downside movement.

While recognizing the potential for market volatility, the focus remains on the structural integrity of XRP’s bullish formation established earlier in the cycle. The analyst revealed he still believes XRP will hit double-digits despite this potential bearish turn. Addressing anticipated concerns from followers, EGRAG CRYPTO made his stance clear regarding trading behavior during this period. He advised against reactive trading strategies, telling community members to accumulate tokens when prices drop instead of trying to follow trends.

Experts are setting targets as high as $1,000 for the digital asset, and those who buy in early will benefit the most from the asset’s growth. The digital asset currently trades at $2.19, providing a good opportunity for anyone looking to hold for the long term. EGRAG CRYPTO’s broader message to the XRP community is patience and collective resilience. While he did not provide a target for XRP after this potential downturn, he has reiterated a $27 target for the digital asset, and his confidence in its future suggests that the bearish phase will not last.