Tag: Egrag

In a recent technical update EGRAG Crypto presented a compelling case for the XRP price, with historical comparisons that are suggestive of a significant upward trend. The focal point of his analysis is the Average Sentiment Oscillator (ASO), an indicator that provides insights into market sentiment by depicting the proportion of bullish to bearish perspectives through a blue and a red line, respectively.

XRP Price On Course To Hit $27

The updated ASO chart shared by EGRAG Crypto highlights a bullish cross that took place on October 3rd, 2023. This event is critical as it is indicative of a shift in market sentiment in favor of a bullish outlook.

The analysis draws a parallel to the formation observed in 2017, labeled as point A on the chart, which was followed by a 55,000% rise in the price of XRP over a span of 275 days. This historical event is used as a benchmark to compare current market behavior.

The analysis further references a similar bullish cross occurring between late 2020 and 2021, leading to a 1,500% rise in the asset’s value over 273 days, reinforcing the significance of such crossovers as precursors to considerable price movements.

Presently, the chart illustrates what EGRAG describes as “the largest jaw,” referring to the substantial gap between the bullish and bearish sentiment lines on the ASO. Egrag views this divergence as an indicator of a potentially stronger bullish trend than previously observed.

With the pattern of 9 bars, or 274 days, since the last bullish cross mirroring the timing of the past surges, EGRAG’s analysis suggests that XRP will be on a similar trajectory by July this year.

Notably, the ASO trendline is currently trending down again. According to the crypto analyst, however, this is no cause for concern. XRP remains on its bullish path. “Confidently, I can affirm that the current curve closely resembles the formation seen in 2017. Check out the chart below labeled “Check Here” for a visual representation,” Egrag states.

While the ASO’s centerline at 50% marks a balance point between bullish and bearish sentiments, the current bullish sentiment line is well above this threshold, reinforcing the expectation of a continued rise in price.

Using the XRP price movement from the previous instances of ASO bullish cross, Egrag extrapolates that the XRP price could reach $27 by July 2024. Therefore, Egrag’s advice to the XRP army is quite simple: “STAY STEADY! The key to winning this game is to #BUY, #HODL, and sit on your ass. Simply as Raoul Pal says, ‘Do not Fuck it up.’”

At press time, XRP traded at $0.57051.

Featured image from Shutterstock, chart from TradingView.com

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The XRP price has entered what is regarded as the Dollar Cost Averaging (DCA) ranging zone, according to crypto analyst Egrag. While the digital asset’s price oscillates within a critical zone, the analyst maintains a bullish stance on its future trajectory.

XRP Price Enters DCA Zone

Egrag stated via a post on X, “XRP Color Code (Update): My Stance Forged in the Fires of Conviction: Let me say it 1 million times that I’m still bullish AF, so ease up on the DMs assuming I’ve switched my stance. Remember, markets move in waves, and I’m here to present the short-term moves because, let’s face it, 80% want to reach Valhalla without dying.”

The analyst’s latest technical analysis reveals that the previous support level at $0.66 proved to be weaker than anticipated, leading to a shift in the XRP price’s movement into a ranging zone. “$0.66 wasn’t a solid support, as I’ve mentioned before. XRP is in the ‘ranging’ zone, so the DCA opportunity is open,” Egrag stated.

The analyst’s chart exhibits a descending triangle pattern breaking downwards, indicating potential bearishness in the short term. However, Egrag highlights the importance of the $0.50 mark as a “robust support.” He asserts that the price “won’t dip below $0.50—it’s a pivotal price point.”

The above 1-hour chart shows that the price has now been rejected several times at the falling (red) trend line. If this momentum is maintained, XRP could drop further and could find first support near $0.57. If this support also breaks, the $0.51 mark could be the most crucial turning point.

For Egrag, the zone between $0.5738 and $0.5119 is the “wicking” zone, meaning that the price could swiftly dip into this zone. However, if the price drops below $0.5119, it would enter the “red flag” zone of Egrag’s chart, potentially invalidating the entire prediction.

The Fibonacci retracement levels on Egrag’s 3-day chart suggest significant resistance and support zones. The 0.236 level at approximately $0.7409 and the 0.382 level at about $0.6432 may act as resistance in a bullish scenario, while the 0.5 level at $0.5738 and the 0.618 level at $0.5119 could provide support if bearish momentum continues.

Notably, Egrag’s commentary doesn’t shy away from conviction, “XRP is transforming the way value moves in this digital age. So, it’s crucial to understand what you hodl. Otherwise, I might have to break out the block button for those not willing to learn on how markets move and what XRP or XRPL is achieving. I’m staying true to my beliefs, and if that’s not your vibe, it’s cool to step away from following me.”

Criticism For ‘Stubborn View’

Despite facing criticism from a user comparing the XRP price performance to that of other cryptocurrencies like Solana (SOL) and Chainlink (LINK), Egrag defended the long-term vision for XRP, highlighting its value proposition. He responded, “Appreciate your input, but I’m not pursuing 300% or 500% gains in projects I lack conviction in. My focus is on generational wealth. Imagine understanding gold will reach $2000, and having the chance to acquire it at $0.5.”

The critic replied, “XRP holders are not diamond hands.. Just very stubborn people hoping to be able to sell it at the price they bought. Be happy if it reaches 1$ again.” Undeterred, Egrag concluded, “Indeed, TESLA investors weren’t stubborn; they envisioned the future. The same principle applies to FANGMAN companies. Bookmark this: XRP, the first digital asset with regulatory clarity, and anticipate Ripple, as a company, surpassing the collective value of the FANGMAN entities.”

At press time, XRP traded at $0.6118.

Featured image from iStock, chart from TradingView.com