Crypto analyst Egrag recently unveiled insights on XRP’s price trajectory, focusing on the latest developments in the Average Sentiment Oscillator. This oscillator, a critical tool for technical analysis enthusiasts, reveals an unfolding pattern unlike any observed before.
The current trend suggests a downward movement, potentially signaling a bearish crossover in the ASO. However, this formation diverges significantly from historical patterns, hinting at the emergence of a novel trend within the XRP market.
Despite the bearish indicators, Egrag remains optimistic about XRP’s potential, drawing comparisons with previous cycles yet emphasizing the distinct nature of the current pattern.
The analyst points to a deviation from the mirrored patterns of 2017-2018, with the ASO now demonstrating an upward curvature. This shift implies a break from past cycles, potentially marking the start of a utility-driven market phase for XRP.
In a recent prediction, Egrag highlighted a promising window between April and July for XRP investors, referencing a past forecast of the cryptocurrency reaching $5 within 90 days. This projection is based on an analysis of historical cycles.
The first cycle (highlighted in yellow) peaked after 275 days, and the second cycle (in blue) took 273 days. The ongoing third cycle (denoted in green) is expected to climax in July 2024, following a similar 275-day trajectory.
In another development, Egrag has pinpointed a significant support level for XRP in the midst of its ongoing market downturn, also highlighting crucial resistance levels that must be overcome to reach a target price of $7.5. According to Egrag’s recent analysis, illustrated on a weekly chart, XRP has been trading within a narrow range of $0.75 to $0.46 since the previous August.
As XRP aims to recuperate from its recent decline, Egrag employed Fibonacci retracement techniques to mark several resistance thresholds that the cryptocurrency must surpass to achieve a prospective high of $7.5. Notably, the imminent goals to conquer are the Fibonacci 0.702 and 0.786 levels, located at $1.16 and $1.3, respectively.
Surpassing these levels would propel XRP beyond its historical peak, ushering it into a phase of price discovery. Egrag’s projections suggest that the subsequent milestone lies at the Fibonacci 1.414 level ($4.37), with a crucial intermediary stop at Fibonacci 1.618 ($6.47). To attain the ultimate goal of $7.5, XRP needs to breach this critical juncture.
XRP has shown a commendable performance in the last 24 hours, with its price seeing a notable increase of 1.00%, now standing at $0.6024. The cryptocurrency market has observed XRP’s trading volume surge by a staggering 40.74%, reaching $1 billion, which indicates a heightened interest among traders and investors.
