- XRP is trading near $2.24 after a 15% weekly drop, but top crypto analyst says price is still inside the bullish structure as long as $1.94 holds.
- Using an Elliott Wave read, he maps a “micro wick” spike toward $10 and an extreme “macro wick” toward $50 if Wave 3 becomes the largest leg.
- On-chain and institutional moves from Ripple (Prime rollout, Palisade acquisition)
Crypto analyst Egrag Crypto shared a rather bullish long-term outlook for XRP on X. His main idea is that short-term drops are not breaking the long-term upward trend, and XRP might be at a price level where major investors are steadily buying.
Egrag argues that as long as XRP stays above the $1.94 support zone on high timeframes, the bull structure remains intact.
Related: ‘XRP’s Path Isn’t to Follow Bitcoin’: Analyst Details Decoupling Thesis
The analyst is drawing on Elliott Wave Theory, suggesting that if XRP is in Macro Wave 2, the next impulse wave (Wave 3) could be the largest of the cycle. This pattern often sees the third wave grow to about 1.6 times the size of the first wave, which forms the basis of the higher targets.
Exchange Spike To $50 Was Likely A Liquidity Glitch
Egrag also points to a past moment on the Gemini exchange, where the price briefly shot up to around $50. His view is that if old patterns repeat, the price could potentially revisit that level.
However, this is a debated point, because these brief price spikes are often just glitches caused by low liquidity on a single trading platform and don’t necessarily reflect the asset’s true market value.
Price Under Pressure But XRP Institutional Infrastructure Expands
Like many altcoins, XRP has been struggling lately, primarily after Bitcoin fell below $110,000 several days ago. At the moment, it is sitting at around $2.24, which is a 1% decrease in the last 24 hours and a notable 15% drop in the last 7 days.
Despite the current price drops, the institutional push seems to be ramping up. For instance, Ripple recently launched its expanded US institutional prime brokerage offering via its Prime brand. It allows institutions to trade XRP directly (OTC), as well as trade futures and options contracts based on it.
This is a very important move that makes XRP and Ripple’s technology more readily available to big financial firms like hedge funds and asset managers.
Also, Ripple announced that it acquired Palisade (a digital asset wallet and custody services provider), with the goal of strengthening Ripple’s services for institutions that need to manage and safeguard large holdings of cryptocurrency.
What’s more, according to Whale Alert, Ripple unlocked 500 million XRP from escrow due to the market weakness.
Related: Ripple Courts Real Money To XRP with Prime For Trading, Palisade For Storage
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