- XRP price wick fill EGRAG Crypto view pins $2.20 support and $2.06 to $2.07 as the defense.
- Bulls need a clean reclaim of $2.40 to $2.50 before a $2.65 resistance test on higher spot volume.
- Ripple $1 billion XRP treasury SPAC adds a supply and liquidity angle to the medium term.
XRP’s 8% price crash in the past 24 hours and 20% weekly drop sparked panic across the crypto market, but popular analyst EGRAG Crypto insists that the token is simply “filling in the wick,” not breaking down.
The term refers to a pullback that fills previous volatility gaps, indicating that XRP’s current dip could be part of a liquidity grab rather than a structural collapse.
Analyst Defends Bullish Outlook Despite Panic Selling
EGRAG Crypto doubled down on his bullish XRP thesis, explaining that the recent price action represents a liquidity grab, not a breakdown. He said that the altcoin’s drop toward the $2.20 range represents the asset “filling the wick,” as sell-side orders are absorbed at lower levels.
According to him, the move aligns with distorted global market conditions, comparing the current conditions to ‘riding a bus at 100 miles per hour with a blindfolded driver.’
The US government’s potential shutdown and rising geopolitical tensions involving China and Russia are putting pressure on risky markets.
However, EGRAG believes that a return to quantitative easing (QE) and improving US-China relations could once again lead to a risk-on rally, benefiting high-volatility assets like XRP.
Chart Shows a Key Reversal Zone
EGRAG’s chart shows the token moving toward $2.20, with strong support sitting around $2.06–$2.07. He highlighted this red zone as crucial, adding that XRP could bounce from it before retesting the $2.65 resistance area.
The yellow moving average still trends downward, confirming mid-term bearish pressure, but the analyst remains confident that XRP could reclaim higher levels if liquidity is absorbed successfully.
EGRAG’s analysis builds on his October 14th post, where he projected a measured move to $2.14 from a descending triangle pattern. Then, he identified $2.65 as critical resistance, emphasizing that failure to hold the $2.00–$1.91 zone would threaten the bullish structure.
Despite short-term turbulence, he urged patience over the next 60 to 90 days, stating that XRP remains in a macro-uptrend unless those lower levels collapse.
Ripple’s $1B Fundraiser Fuels Speculation
Meanwhile, American fintech Ripple is leaving no stones unturned to push XRP higher. Bloomberg reported that Ripple Labs is planning a $1 billion fundraising effort to purchase XRP for a new digital asset treasury (DAT).
The company, which already holds over 4.5 billion XRP, could acquire an additional 427 million tokens, potentially tightening market supply. Ripple also confirmed plans to acquire GTreasury, a corporate treasury software provider used by Fortune 500 companies, for $1 billion.
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