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Prominent market watcher EGRAG recently updated his famous XRP “Bent Fork” analysis, suggesting that current market realities point to an ultimate price target of $17.
XRP currently trades in an extensive downtrend, as it trails the trends surrounding the broader crypto market. It has continued to record intermittent declines since retesting the 50-day EMA ($0.5723) on April 22, down nearly 10% since it touched this high.
Despite the prevalent bearish sentiments and XRP’s 17.72% collapse this month, market analysts such as EGRAG expect it to perform remarkably well during this bull season. In one of his latest analyses, EGRAG updated his ultimate target for a pattern he dubbed “Bent Fork.”
EGRAG introduced the Bent Fork analysis last June, noting that XRP is currently trading within a roadmap that features four different trajectories. These trajectories, labeled A, B, C, and D, are expected to lead to different price targets, with the D path poised to result in a surge to $15.
XRP Bent Fork Target Updated to $17
However, in the latest commentary, the crypto analyst confirmed that he has updated the ultimate target associated with path D to $17, considering prevailing market realities. According to him, with XRP recording an increase in the curvatures that represent the paths, the target for D has moved slightly upward.
#XRP : The Bent Fork ($17 & Historical Support) – UPDATE:
The first time I introduced the "The Bent Fork Chart" was In June 2023. check the post for better clarity: https://t.co/vPee6Klubt
🔄 Updated Bent Fork:
Targets have shifted slightly higher over time as the curvature… pic.twitter.com/BYsGWJ0xLf— EGRAG CRYPTO (@egragcrypto) April 20, 2024
With XRP trading below most of its crucial psychological levels in recent times, EGRAG stressed that market participants should not underestimate the significance of the $1 level. He noted that this threshold marks a potent resistance point and barrier on XRP’s journey toward greater heights.
Market data confirms that if XRP breaches the $1 psychological resistance, this could strengthen the bulls to push toward higher values. Consequently, EGRAG believes breaking above the ATH of $3.5 would put XRP on the path toward a price territory he terms “Valhalla Highway.”
A Projected Surge in XRP’s Dominance
Interestingly, the analyst further reaffirmed his confidence in XRP’s imminent growth in separate analysis. Citing movements from the XRP.D chart, EGRAG confirmed that XRP’s dominance recently retested a pivotal support level at 1.11%.
#XRP Dominance – Explosive Action Coming Soon! 💥 (UPDATE):
Currently, #XRP Dominance is resting on a historical support line, echoing patterns seen in 2017 and 2021.
Historically, #XRP has exhibited rapid and powerful pumps. Could we witness a similar move soon? 🚀… https://t.co/sEwER7JF6o pic.twitter.com/V3AtSpn3Mp
— EGRAG CRYPTO (@egragcrypto) April 20, 2024
Historical data shows that the last two times this pattern occurred, XRP recorded an impressive price upsurge. The dominance level first retested the support in January 2017, preceding a price rally to the ATH of $3.5 in January 2018. The second retest came up in December 2020, and led to a rise to $1.96 in April 2021.
Amid XRP’s persistent declines, its market dominance has continued to decline every month since August 2023. This gradual collapse resulted in it retesting the pivotal support level this month. EGRAG predicts a price upsurge potentially leading to an ultimate dominance of 17.39%.
Supposing the global crypto market cap remains steady at $2.37 trillion (which is likely impossible), XRP would boast a market cap of $412 billion at a 17.39% dominance. This valuation would result in a price level of $7.46 if XRP’s circulating supply remains stable at 55 billion tokens.