Analyst Egrag advises crypto investors to stock up on XRP and relax at the beach, highlighting the absence of new lower lows amid market volatility.
In a recent post, pro-XRP analyst Egrag explored XRP’s pattern amid yesterday’s landslide dip in the crypto market. The analyst emphasized that XRP defended some of its earlier gains, avoiding a drop to the lower levels observed in July.
Notably, during the market downturn in July, XRP crashed to around $0.38, a price point last seen over a year ago. The reason for XRP retesting $0.38 was Bitcoin’s fall to the $53K price range, triggered by the German government’s dump of $3 billion in Bitcoin in July.
XRP was significantly impacted, and its reaction was exacerbated by widespread apprehension about its performance prior to the landslide fall. However, before the month ended, XRP staged a commendable comeback.
It quickly rallied to a four-month high above $0.65 in less than two weeks. XRP defended the $0.6 level into August before the onset of another bearish momentum.
XRP Shows Greater Resilience Amid Massive Dump
This time, the selling pressure in the crypto market was so massive that Bitcoin relinquished multiple support levels and broke back into the $49K region for the first time since February, following a 19% drop.
Altcoins like Cardano, Ethereum, and Solana experienced even more pronounced declines. Meanwhile, XRP crashed from an intraday high of $0.5253 to $0.4335. This was the lowest value XRP reached yesterday before its recovery began.
Essentially, despite the shocking dump that wiped out over $1 billion from leveraged traders, XRP did not set a lower low yesterday.
On the other hand, Cardano hit $0.2799, a significantly lower bottom compared to the initial yearly low of $0.321 set on July 5. Similarly, Solana crashed to $110.61 yesterday, establishing a new bottom from last month’s $121 level.
Given the resilience XRP exhibited compared to other rival altcoins, analyst Egrag humorously advised crypto market participants to amass more XRP tokens and relax at the beach.
Notably, XRP set an intraday high at $0.5185 at press time and is defending its gains above $0.5.
One commenter responded to Egrag’s update by saying that the current market fluctuations are nothing to worry about in the grand scheme of things. He cautioned that the recent price bounce might be temporary. However, the commenter suggested that buying XRP now and holding it for the long term could be a profitable strategy regardless.
Notably, Egrag is among the most ambitious XRP analysts, expecting XRP to become much more valuable in the coming weeks. In various analyses, he has charted the paths XRP could follow to reach higher price points beyond the $10 range.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
