Renowned chartist EGRAG has issued an updated analysis of XRP price behavior based on the Bull Market Support Band (BMSB).
In the recent disclosure, he emphasized the importance of the current range between $2.15 and $2.41. According to the analyst, the market is in a crucial consolidation phase, where decisive moves above or below these levels could determine XRP’s next trajectory.
XRP Stuck in “Micro Noise” Zone
The latest commentary updates his analysis from May 5, when EGRAG noted that XRP was trading around $2.14, right at the edge of what he calls the Bull Market Support Band.
The analyst closely monitors this zone, ranging from $2.15 to $2.41, for a breakout or breakdown. He categorizes any price action within this range as “just micro noise,” suggesting it lacks a meaningful directional signal.
Notably, XRP is up over 6% today, trading at $2.30. EGRAG now suggests that a bullish breakout would be confirmed if XRP closes above $2.41 for three consecutive days.
Meanwhile, he noted that a close below $2.15 could invalidate short-term bullish sentiment and indicate a deeper correction. According to him, XRP remains in limbo until either level is breached with conviction.
Furthermore, EGRAG stated that if XRP fails to hold the $2.15 level, the $1.90 zone could become the next key support. This level may serve as a retest point where buyers could step in to drive a recovery attempt.
Macro Outlook Still Intact
Despite short-term uncertainty, the analyst maintains that macro targets for XRP remain unchanged. This reflects continued optimism for long-term price growth, provided the market maintains key structural levels.
In a previous commentary, EGRAG argued that XRP has the potential to surge 15x, reaching a new all-time high of $27 amid a BMSB retest. In another analysis, he projected even greater upside potential, with targets as high as $31.
Beyond his BMSB analysis, EGRAG has also relied on other technical indicators to support these bold projections.
Earlier this month, he forecasted that XRP could surge to $17 this year, citing a six-month candle pattern similar to one seen in 2017 that preceded a major rally.
After observing five similar monthly candles since November 2024, he believes a “mega candle” is imminent. If XRP hits $17 and breaks its macro channel, EGRAG projects a further rally to $55, aligning with other bullish predictions.
Other market commentators, such as Javon Marks, share a similar bullish outlook for XRP in this cycle. However, some, like Crashius Clay, argue that now is an ideal time to short XRP massively. In his view, XRP is overvalued.
