Prominent market analyst EGRAG Crypto has insisted that even the most optimistic XRP enthusiasts are not bullish enough for what is on the horizon.
He shared this in his recent analysis as XRP drops below the $3 support level. Currently priced at $2.98, XRP has failed to maintain bullish momentum, mirroring the trend of Bitcoin and several other major cryptocurrency assets.
What Lies Ahead for XRP Is Historic
Nonetheless, EGRAG Crypto has assured that what lies ahead for XRP is historical. He noted that even the most bullish bulls are not ready for the explosive price action that is on the cusp for XRP.
The analyst highlighted five distinct body candles for XRP within the 2-month timeframe, signaling building momentum. On each of them, the body of the candlestick enlarged progressively as XRP slowly captured higher prices.
Meanwhile, he also highlighted that the five candles formed an unprecedented structure following XRP’s breakout above the neckline of two parabolic curvatures. The twin U-shaped structures date back to January 2018, when XRP rallied to its all-time high of $3.84.
As a result, buying XRP now may still be early, as EGRAG Crypto noted that XRP could rally extensively from here. He compared an XRP dip below $2 to when Bitcoin traded at $200, insisting that those who bought XRP at $2 would become OGs.
Moreover, his strategy is simple: buy low and sell high. While many focus on catching short-term XRP price movements, EGRAG Crypto noted that his macro perspective is to acquire more XRP during the dips and resell at much higher targets.
Closing Above $3.70 Bullish for XRP
Notably, the analyst shared that things would escalate quickly for XRP above $3.70. According to him, a full-body candlestick close above the price mark on the 2-month chart could mark a “space mission moment” for XRP holders.
The $3.70 region aligns with an ascending trendline on the chart, which dates back to XRP’s high of $1.96 during the 2021 bull cycle. This resistance has prevented higher prices for XRP since then, with EGRAG Crypto asserting that a break above it could send the token higher. At the current market price of $2.98, this represents a 24% increase to reach the trendline.
Meanwhile, although he did not mention possible XRP targets in this commentary, EGRAG’s previous analysis has highlighted potential outcomes. For context, he said last month that XRP will rally to $27, debunking claims that the token would peak at $4 this cycle.
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.
