In a recent one tweet, renowned crypto analyst EGRAG CRYPTO revealed a complicated four-month XRP price analysis that presented several crucial insights and predictions. This was summed up in his words: “XRP Steel Foundation & Eye-Opening Insights: Check out the chart below, created from four-month candles, which shows that higher time frames are less susceptible to misleading signals.”
The steel base of XRP
Egrag’s analysis draws attention to two major price zones, Zone A and Zone B, each with its own ultra-strong support zone that he metaphorically describes as the “steel foundation.”
For zone A, where XRP traded between $0.00485 and $0.02483 between 2013 and early 2017, the steel foundation is identified by him as the price range of $0.00485 to $0.00596. The significance of this foundation is further enhanced by the fact that it remained untouched even during the deepest market downturns.
On the other hand, Zone B, with a price range of $0.25939 to $2.00, is characterized by a steel foundation between $0.25939 and $0.32630. This has functioned as a robust support from 2017 onwards. However, the weight of a prolonged bear market, combined with external factors such as the SEC lawsuit, managed to temporarily push the price below this line.
A critical observation from Egrag is that when plotted over a four-month time frame, the price has never recorded a close above $2.00. Based on this observation, Egrag speculates that breaking this resistance is essential for XRP to regain its all-time high of $3.40 reached on January 7, 2018. For this feat to occur, the cryptocurrency would need an increase of over 580%. of the current pricing.
More insights from the crypto analyst
Egrag further explained that in June 2022, September 2022, and January 2023, the bulls tried and succeeded in preventing the XRP price from breaking the steel foundation, which reflects a very bullish sentiment. Furthermore, the chart underlines the $0.80-$0.85 range as a major historical point of contention.
XRP has consistently failed to close above this threshold and repeatedly showed red during bearish phases. “The chart unmistakably highlights the 0.80-0.85 cent range as a historic battleground. The cryptocurrency has never closed a full Green Candle above this threshold and continuously put on a red veil during the #Bear market decline,” Egrag said.
Another notable prediction from Egrag is that the emergence of a monthly green candle close above $0.83 will pave the way for the next steel foundation that he calls the “impending transformation.” In simpler terms, he said, this could be the last chance for traders and investors to buy the token under $1.
Finally, Egrag warns of the potential FOMO (Fear of Missing Out) rush when XRP hits the $2 range, indicating that this could be a crucial zone for traders. Concluding its analysis, EGRAG CRYPTO encouraged the XRP community to remain vigilant and informed, promising to provide further in-depth views and insights on longer time frames such as the ASO bullish cross.
At the time of writing, XRP was trading at $0.5001.
Featured image from Shutterstock, chart from TradingView.com
