XRP 7-Year Chart Reveals Unbreakable Support Line: Is This a Bearish or Bullish Signal?

The latest XRP chart analysis from analyst Egrag highlights a support level that has not been broken in seven years, adding optimism to the asset’s potential bullish trend.
Recently, Egrag showed a monthly time frame chart covering nearly a decade of XRP’s historical price patterns since 2014. He invited the community to examine this setup and share their thoughts on whether it suggests a bearish outlook or signals a strong bullish trend.

XRP Chart Details
The chart highlights two key price levels: $0.41 (red) as the lower boundary and $0.75 (green) as the upper target. The $0.41 level is a support floor, while $0.75 represents a potential resistance or breakout point.
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Meanwhile, a prominent feature of the graph is the “Bifrost Bridge” identified by Egrag, a blue channel. This channel appears to act as a support area, with XRP remaining above it for the most part since early 2017.

While XRP has been in a downtrend for the past seven years, its price action on the monthly timeframe shows that it has not broken a key support trendline. Since the beginning of 2021, XRP’s pattern shows an upward trajectory within this channel, indicating a gradual buildup of bullish momentum.
Egrag first highlighted the Bifrost Bridge in October, describing it as a highly bullish trend line that provided continued support for XRP. He noted that XRP has remained above this line for nearly a decade, with no major price close below it in the past seven years.
In his latest analysis, Egrag offers community members the opportunity to voice their opinions.
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Community response
Many commentators agreed that XRP’s setup looked bullish, though some responded with a hint of sarcasm. One commenter noted that while fundamentals suggest a bullish trend, the real question is whether XRP will miss out on this bull run as it has in the past, or will rise along with other cryptocurrencies this time around.
In response, Egrag pointed out that liquidity is increasing, Bitcoin is gaining momentum, and liquidity is flowing into the market. He stressed that if Bitcoin makes a major move, it could lead to a drop in its dominance, which usually marks the beginning of a liquidity shift to altcoins. According to him, XRP could see 10x to 20x gains in this cycle.
Currently, XRP is trading at $0.5121, up 2% today, but down 86% from its all-time high. Egrag encouraged traders to view dips as an opportunity to accumulate more XRP as he believes a bullish trend is on the horizon.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers should conduct thorough research before making any investment decision. The Crypto Basic is not responsible for any financial losses.