Ripple's native token XRP experienced sharp volatility on Friday, sliding from approximately $1.30 to a multi-month low of $1.19 amid a broader market sell-off tied to a major cryptocurrency hack. The token rebounded to $1.25 by day's end.
Analyst EGRAG CRYPTO argues that despite weak short-term technicals, XRP's longer-term structure remains constructive. According to his analysis, the token is currently trading between the 33-month moving average acting as resistance and the 77-month moving average serving as macro support.
The Breakout Level
EGRAG identifies $1.65 as a critical monthly chart level. A sustained move above this threshold, he contends, could unlock progressively higher targets. The analyst has pointed to historical accumulation phases in 2014, 2017, 2020, and 2023, noting that each was followed by gains exceeding 500%. He acknowledged that historical patterns do not guarantee future results but views the current setup as noteworthy.
Divergent Technical Views
Other analysts interpret XRP's recent weakness differently. One perspective suggests that XRP's technical structure was already deteriorating before the Binance hack news emerged. According to this view, the token had repeatedly tested its lower trendline since October 24, and several altcoins were already undergoing corrective structures approaching deeper Fibonacci retracement levels. This analysis frames the recent decline as the continuation of a technical deterioration rather than solely a hack-driven reaction.
