A market analyst and XRP community pundit has disclosed what he believes would be the biggest sell signal for XRP amid the ongoing bull run.
According to market commentator EGRAG, if American TV personality Jim Cramer said something positive about XRP, it would send a sell signal. He believes this event would mark the top for XRP amid the ongoing uptrend.
XRP Shows Resilience
For context, XRP has been one of the biggest beneficiaries of the latest market-wide upsurge. The crypto asset rallied from $0.5031 on Nov. 5, the day of the U.S. election, to a new three-year peak of $1.6334 on Nov. 23. This represented a massive 224% increase within three weeks.
However, XRP has continued to correct some of its gains following the $1.6 peak, having recorded four consecutive intraday losses for the first time in nearly two months. Despite the pullback, XRP has maintained the $1 territory, which it claimed on Nov. 16, currently trading above $1.3.
A Sell Signal?
Market data further suggests that XRP has maintained a 26.73% gain over the past seven days, with Bitcoin only up 0.46% within the same timeframe. Amid the resilience, EGRAG humorously stated that he believes XRP would eventually begin shedding off more gains once Cramer endorses it.
According to him, the biggest sell signal for XRP would emerge when Cramer starts discussing the altcoin and speaking to investors about the importance of procuring it. EGRAG suggested that this would mark a sign for him to exit the market, but for now, he expects the uptrend to continue.
#XRP – Sell Signal 🦄:
When this guy starts talking about #XRP and the importance of owning it, and trading it and storing it.
This is my sell signal until then ride the waves. pic.twitter.com/rmazMF5cc5
— EGRAG CRYPTO (@egragcrypto) November 25, 2024
Meanwhile, in a previous analysis, EGRAG noted that XRP’s current rally started around the $0.75 mark, establishing it as a key support level. He pointed out that the Fibonacci Channel’s 0.236 level aligns with a major resistance point at $2, close to the 2021 peak of $1.96.
EGRAG believes that with the right market catalysts or positive news, XRP could soon break this level, potentially triggering FOMO. If XRP climbs to the 0.5 Fibonacci level, it could reach double-digit prices. Notably, it has historically surpassed this Fibonacci level.
The Cramer Effect on Bitcoin
However, XRP must hold above major support levels to engineer such a run when the market recovers. Interestingly, the latest market collapse comes on the back of a Bitcoin crash, which began shortly after Jim Cramer endorsed the pioneering crypto asset.
Four days ago, The Crypto Basic confirmed that the CNBC Mad Money host recommended buying BTC, calling it a “winner.” His recommendation came as a response to an investor who called the show to discuss his profitable position in MicroStrategy (MSTR), a Bitcoin proxy company.
Cramer suggested he would advise investors to directly commit to Bitcoin. Notably, at the time of his comment, Bitcoin had just touched the $99,800 all-time high, actively attempting to breach the $100,000 milestone. However, following Cramer’s endorsement, crypto enthusiasts panicked.
Bitcoin has since collapsed, recording its biggest correction since the latest rally started earlier this month. A recent report suggested that Bitcoin has lost $130 billion in market cap since Cramer endorsed it, with the crypto asset now trading for $93,100 at press time.
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.
