Permabull Warns XRP Price Dip To $1 Before A Big Push To $20

• XRP is in danger of returning to its price before mid-November last year.
• However, technical charts suggest it may be only a temporary setback, offering investors a chance to get in at a lower entry point for the asset before its big push above $20.

The Good News

According to the pseudonymous Egrag Crypto, a technical analyst and XRP permabull, XRP has been trending within an ascending channel on the monthly chart since 2012. The good news is that the pattern is a bullish indicator, signaling a strong uptrend with higher highs (resistance) and higher lows (support).

The two parallel, upward-sloping trendlines offer traders greater predictability in their positions. That’s unless values breach the lower trendline, suggesting a potential reversal of market sentiment from bullish to bearish.

The Bad News… Kind of

The bad news is that the next significant correction could push the price of XRP down to $1. This could definitely shake off positive sentiment around the asset and test the mettle of traders and long-term investors.

ADVERTISEMENTIn Egrag’s personal assessment, the dip is worth risking a long-term position, as it’s likely a short-term dip to a larger macro move. The technical analyst said he is not touching his XRP holdings. Instead, he’s prepared to acquire more of the token when the opportunity comes.

XRP Price Chart (Source: Egrag Crypto via X)## XRP Price Still Following a Bullish Macro Trend

Egrag grounded his conviction in XRP continuing to respect the macro channel that has guided its trajectory since launch more than a decade ago. Along the way, the token has started showing the same bull flag formation in the monthly chart since the November 2024 rally.

It’s worth noting that the trend also served as a precursor to the 2017 and 2021 XRP bull runs. The former was instrumental in pushing the asset’s price to $3.84, which remains its all-time high to this day.

ADVERTISEMENTFollowing a cycle dictated by a price breakout, retest, and continuation of the pattern, the technical analyst sees $20 as XRP’s next bull flag target. Additionally, the Line 1 in his ascending channel formation indicates a possible push to $35, while an extended pump in his Line 2 shows a $200 probability.

However, Egrag reiterated that if such a bearish scenario were to occur, XRP must not close below $1 on the monthly timeframe. A drop below that could break the established pattern and could “require reassessment” of the asset’s long-term track.

To date, the analyst claimed that XRP is still above $2 and over the 21 Exponential Moving Average (EMA), positioning it for further price expansion.

Egrag’s evaluation aligns with another permabull’s temporary bearish prediction, warning that XRP’s price risks a 70% dive in the event of an 80% Bitcoin (BTC) crash.

Disclaimer: The analysis and commentary featured in this article are only for informational purposes. They do not constitute financial advice or a product recommendation from the author or the Blockzeit team.

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