XRP Must Hold Support at $2.65 or Risk Major Collapse - Analyst

XRP has fallen more than 5% in the past day amid a strong adjustment in the crypto market as a whole. This prominent altcoin is currently trading around $2.81 with no signs that the sell-off momentum could pause. While this crisis continues, the analyst X, known by the nickname Egrag Crypto, has helped identify the current key support and resistance levels for bullish speculators in the market. Hold $2.65 Or Accept The Risk Of A Collapse, Break $3.12 And Prepare For A Price Surge In a post on X on August 2, Egrag Crypto shared an interesting technical perspective on the XRP market, which is currently undergoing a strong correction. According to this renowned analyst, macro analysis indicates that this altcoin still maintains a bullish structure; however, the current price correction can only be concluded through two paths.

First, the micro price analysis shows that XRP must close daily above $3.12 to signal a market bottom entry point. By doing so, this cryptocurrency will regain a crucial resistance level, paving the way for the potential rise to higher levels such as $3.60. On the other hand, the nearest key support level is around $2.65. Egrag Crypto explains that a continuous price fall to test this bottom level could trigger a bullish rally, pushing XRP up to the current all-time high of $3.84. However, any sudden price break below $2.65 could create a rather catastrophic situation, indicating a potential low of around $2.19. XRP Can Still Surge Up to 17 USD In other news, Egrag Crypto's analysis also shows that XRP is still in a macro, long-term cycle, indicating a multi-year bullish cycle with repeating structural characteristics. Key factors in this model include the formation of a bullish pennant pattern, indicating a continuation pattern, the EMA 21 ( green dotted line ) frequently aligning with significant trend movements, the support line ( red line ) and the market cycle peak ( blue line ). Notably, XRP has broken out of a bullish flag pattern, signaling the intent to maintain the current uptrend. However, this altcoin is facing a difficult resistance level to surpass around $3.84, coinciding with the intersection of the mid-cycle peak and the 21 EMA line. If XRP can overcome this resistance, investors should expect a direct price surge to the expected cycle peak of $17, equivalent to a potential increase of 525% compared to the current market price. At the time of writing, XRP is trading at $2.81, reflecting a fall of 5.32% from yesterday as previously mentioned. This recent price drop highlights a volatile trading phase for this altcoin, having lost over 11.38% of its market value in the past week. However, the month-on-month increase of 22.18% indicates that a large number of investors are still in profit despite these corrections.