XRP May Plunge to $1.20 and Still Remain Bullish, Analyst Says

Only a few days ago, the native cryptocurrency of Ripple traded high, with analysts speculating about its chances of taking down the first major resistance level at $1.51-$1.53 before heading toward the next at over $1.60. Instead, the bears reemerged, drove the entire market down, and XRP slumped below $1.35 before it found some support. EGRAG CRYPTO, though, remains undeterred, indicating that even another leg down wouldn’t halt the asset’s bull market progress. The popular analyst who has been bullish on XRP even as the asset slipped below $1.00 in early August said the token can still retrace to $1.20 and maintain its bullish structure. His analysis focuses on the monthly chart and the relationship between the 33 EMA and 111 EMA. He added that it has historically helped define major cycle structures and pointed to the line of the sand: $1.20. As long as the cross-border token holds above that area on a monthly closing basis, EGRAG believes the broader bullish thesis remains intact. However, a sustained breakdown below it would force him to reassess, as it would likely invalidate the pattern. If XRP continues its recovery from the recent sub-$1.35 low, then EGRAG identified $1.65 as the first major level it has to reclaim. Then, he turned even more bullish, noting that the asset can skyrocket to somewhere between $4.00 and $8.00 if the structure develops further. His much more aggressive “Valhalla” scenario extends beyond $15, although that remains highly speculative and dependent on the macro setup holding up. Fellow bullish-on-XRP analyst Bird outlined a different structure on the asset’s four-hour chart, highlighting three descending resistance trendlines. He argued that the first two were followed by strong upside moves after the token found support, and the third may be developing now. Bird identified a long-term ascending support line, a major demand zone at around $1.30-$1.34, and resistance between $1.52 and $1.56. As explained above, XRP has remained between the two for the past several weeks. If the asset is finally able to break through to the upside and the previous pattern repeats, the analyst believes the move could open the door toward $2.00. Interestingly, Celal Kucuker supported Bird’s view, saying $2.00 is “within reach” by the end of the month after XRP bounced from a “solid support level.” $XRP IS SETTING UP FOR SOMETHING VERY INTERESTING. THREE descending resistance trendlines (orange). The first two were followed by explosive moves upwards after XRP found support. Now we’re seeing a THIRD potentially forming the exact same setup. We’ve got a long-term ascending suppor