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EGRAG Crypto confirmed that the overall structure of XRP remains intact despite its recent price drop.
The rising Bifrost Bridge channel has formed a reference for the price movements of the currency since the beginning of 2013.
The support range between $1.58 and $2 maintains its stability, as the price of XRP has exceeded the $2 mark for 13 months.
EGRAG Crypto, a digital currency market analyst, confirmed that the overall structure of XRP is still 'completely solid' with the currency moving towards higher price levels. This analysis comes amid ongoing pressures faced by XRP and the digital currency market in general over the past few months.
The value of XRP has dropped by approximately 22% since October, with a decrease of 3.87% in December alone. This signals a third consecutive monthly loss, the first time since late 2022. Despite this downward pressure, EGRAG believes that the currency will continue its trajectory towards higher price levels.
The Bifrost bridge channel guides price movement
EGRAG highlighted the Bifrost bridge in its latest market analysis. This structure represents an upward channel that has directed XRP's price movements since 2013. This channel has consistently acted as resistance and support over the years, defining the direction of the currency's next movement.
The price of XRP is still currently within the channel's bounds. The analyst identified a yellow support area located between the lowest price point on October 10 at $1.58 and the $2 level. This support area is critical for buyers to protect the price from further declines.
Egrag explained that the bullish structure of XRP remains intact, as the currency has not recorded any monthly close below this support level, despite being tested from time to time during the downward trend. The analyst confirmed that XRP has spent 13 months accumulating above the $2 level.
According to Egrag, this accumulation period lays the groundwork for upcoming bullish momentum. The short-term downward pressure resulting from the accumulation has created a downward trend. However, the analyst pointed out that these movements are merely liquidity manipulations aimed at shaking out unconvinced traders, and not fundamental structural changes.
Egrag clarified that among the important factors shaping the market are: the overall monthly structure, the general macro trend, the ongoing formation of higher lows, and the increasing presence of strong currency holders. With these elements in place, breaking through the market becomes a matter of timing and not just a probability.
The analyst acknowledged that the XRP currency did not surpass the Bifrost bridge despite the prevailing bullish outlook. Typically, crossing this bridge paves the way for further price increases. Egrag confirmed that the bridge will continue to guide XRP's price movement for many years to come.$XRP
