Wednesday, June 19, 2024
HomeCryptocurrencyAnalyst Spots Reversal From Prolonged XRP Against BTC Downtrend

Analyst Spots Reversal From Prolonged XRP Against BTC Downtrend

EGRAG CRYPTO (@egragcrypto), a well-known crypto analyst, recently shared observations regarding the XRP/BTC trading pair. He analyzed the XRP/BTC price movement over the past 11 months and highlighted a potential turning point after a sustained period of decline.

The analyst highlighted multiple important notes in XRP’s journey. Note 1 is XRP’s current position on a downward trendline identified by the analyst as the Atlantic and Pacific Line. He noted that the price dipped, but bulls came to save the day by buying the dip.

Read Also: Top Analyst Predicts Massive XRP Decline With a Surprise at the End

The Note 2 is a significant bearish milestone. EGRAG CRYPTO emphasizes that this 11-month stretch marks the longest period of decline without a positive month ever witnessed for the XRP/BTC pair. However, this historical bad run is about to end.

Endurance Test for XRP

EGRAG CRYPTO emphasized the timeframe of the downtrend in Note 3. He specified that XRP/BTC has been on a downward trajectory since November 2020 despite some recovery attempts and bullish months. This translates to roughly 43 months of depreciation, marking the most extended period of decline for XRP relative to Bitcoin.

For note four, EGRAG CRYPTO’s analysis delves into Fibonacci retracement levels, a technical analysis tool used to identify potential support and resistance zones. The analyst points out that two specific Fibonacci retracement levels, 0.702 and 0.786, have not been reached since May 2017 in the XRP/BTC pair. This suggests a possibility that the price may not decline further and could find support at these levels.

Hope for the XRP Army

EGRAG CRYPTO has shared multiple messages of hope, and he concludes with a message of encouragement for XRP holders. The analyst mentions note five, the final chapter that will bring significant gains.

Read Also: Analyst: XRP Could Surge 1,500% If It Meets This Condition

EGRAG CRYPTO stated that happy tears are on the horizon around the Fib. 0.702 to Fib. 1 level. This will send XRP to levels it has not reached since January 2018 and potentially push it above its all-time high.

EGRAG CRYPTO’s analysis offers an interesting perspective on the XRP/BTC trading pair and XRP’s future. Despite the prolonged downtrend, there are multiple reversal signs, and XRP might soon begin its climb to a new all-time high.

<

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles