Analyst Says XRP Could Retrace toward $1.20 Before This Happens

XRP has pulled back sharply on its monthly chart. It closed the current candle at $1.4028, down $0.0866 or 5.81% on the month. For many investors, the drop raises questions.

Crypto analyst EGRAG CRYPTO addressed those concerns directly in a recent post, arguing that the monthly structure remains intact. He stated, “Sometimes I read the comments and wonder if people are analyzing charts or consulting their coffee cups!”

The Key Moving Averages

The analyst built his case around two exponential moving averages plotted on the monthly chart: the 33 EMA and the 111 EMA. He stated that the two indicators “have historically helped define major cycle structures” for XRP.

The 33 EMA, currently running close to the price, is the more immediate concern. EGRAG CRYPTO identified it as “the major resistance” at this point in the cycle.

$1.20 Is the Line to Watch

The analyst was clear about where his analysis stands or falls. “$1.20 is my KEY LINE IN THE SAND,” he wrote. XRP can retrace toward that level and remain within what he calls its macro bullish structure. A monthly close above it keeps the bullish case alive. A move below it changes the picture.

The chart shows previous major corrections following a similar pattern before significant price expansions. EGRAG CRYPTO pointed to this history to support his current position, noting that “previous macro corrections created opportunities” before major expansions.