In a recent development, renowned crypto analyst Egrag Crypto shared his insights, highlighting patterns within the XRP monthly close analysis. Delving into the technical indicators, Egrag Crypto pointed out several bearish formations atop or at peaks, including the Hanging Man, Shooting Star, Gravestone, and Long-legged.
#XRP 2 Days (Monthly Close) Analysis:📉🕯️
— EGRAG CRYPTO (@egragcrypto) December 1, 2023
Observing the #Bearish formations atop or at peaks:
A) Hanging Man 🧍♂️
B) Shooting Star 🔫🌟
C) Gravestone 💀
D) Long-legged 🕴️
Historical data strongly indicates that these candle formations on the Monthly Time Frame often precede… https://t.co/EfzWOSMtEw pic.twitter.com/RUJJZJcVv2
As per Egrag, leveraging historical data identified within the Monthly Time Frame, these candle formations often herald an ensuing price range or a decrease in value. In December 2023, the ongoing monthly pattern in XRP mirrors either a Gravestone or a Long-legged pattern. This similarity indicates a possible price swing or a forthcoming downturn.
The analyst has emphasized specific key thresholds for XRP’s performance, highlighting the necessity for XRP to close above 0.93c and surpass $1.41 consistently monthly. Until these benchmarks are met, the prevailing market trend indicates a phase of MACRO Accumulation.
The analyst has demarcated critical lines for the XRP chart, including a red line signaling a warning, white lines denoting the December Range, a blue line representing MACRO Resistance, and a green line indicating the MACRO GO-GO Signal. These markers demonstrate potential scenarios for XRP’s price movements.
XRP is trading at $0.6111, showing a 0.96% increase in price over the last 24 hours and a -1.57% decrease in price over the past 7 days. Addressing the XRP community directly, Egrag Crypto urged holders to remain steady and alert. He highlighted a strategic investment approach, mentioning plans to divest from other surging coins and allocate profits towards XRP. Egrag Crypto underlined the personal significance of XRP, likening its role to that of a bank within his portfolio.
The Egrag Crypto has advised XRP investors to proceed cautiously, emphasizing the need for vigilance and a long-term investment outlook amid possible market fluctuations. Considering the present technical landscape, this counsel underscores the significance of closely tracking market dynamics and adopting a relentless investment strategy.
