Back in March 2023, Egrag Crypto, a closely-followed analyst, spotted a diamond bottom on the XRP chart, which indicates the path of the digital asset toward $10.
According to Egrag, Diamond Bottom is not a common formation, but chartists consider it as a strong bullish reversal pattern. He said it usually serves as an indicator of an imminent reversal of the current trend, especially when it’s accompanied by a bearish reversal.
Read Also: This Metric Suggests Imminent XRP Price Rally: Details
Egrag noted in a tweet in March, “XRP Diamond Bottom (10$): Diamond Bottom pattern is not a common formation but is considered a strong bullish reversal pattern. It can be a strong indicator for an impending reversal of the current trend. It occurs, when it is preceded by a bearish trend.”
XRP Diamond Pattern Is Still Holding Strong
Fast-forward to the 10th of July, Egrag said the XRP diamond pattern is still very active and can remain valid until the end of August 2023.
However, the chartist said if by October 2023, XRP is still unable to break through the resistance, the pattern may become invalid.
Egrag urged the enthusiastic XRP community members to stay calm, steady, and resilient just like Diamond in order to partake in the better days ahead.
Egrag tweeted, “Exciting news! The Diamond Pattern is still holding strong, nestled within a grander Marco W Patterns. Take a look at W Pattern Number 10 on the chart below for reference!
“Hold on tight! This sparkling Diamond pattern could remain valid until the end of August 2023. However, by October 2023, if XRP fails to break through the resistance, the pattern may lose its shimmer.
“#XRPArmy STAY STEADY! We’re the ones who endure the most pressure, just like Diamonds do when they’re forming. Let’s proudly call ourselves the #XRPDiamondArmy!”
#XRP Diamond Bottom – $10 (Update):
Hey there, fellow #XRP enthusiasts! Remember that stunning Diamond Pattern we discussed earlier? If not, no worries! Check out my post from March 3rd, 2023 📅🔗: https://t.co/hQIH2HMtB4
Exciting news!
The Diamond Pattern is still holding… pic.twitter.com/xJGggdNhjp— EGRAG CRYPTO (@egragcrypto) July 10, 2023
Read Also: Expert Predicts XRP Price Explosive Surge, Points Out the Major Game Changer
XRP in the Market
Over the past few weeks, XRP, the sixth largest crypto by market cap, has been struggling to reclaim $0.5 support, but the teeming community members behind it remain hopeful.
At the time of filing this report, XRP is trading at $0.4775, with a relatively 2% price upsurge in the last 24 hours.
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