Analyst Who Accurately Predicted 2023 Rally Has This to Say About XRP Below $1

XRP, the sixth-largest crypto asset by market capitalization, stunned the crypto community in the first quarter of the year, having surged by over 40% within 30 days to be among the top-performing crypto assets.

After suffering many bearish months due to the lingering Ripple-SEC case, XRP staged a remarkable rally in the 2023 Q1, reigniting investors’ hope to see the asset at $1. This rally triggered by the positive developments surrounding the XRP lawsuit summary judgment saw the asset break through the historic $0.58 resistance on March 29. 

However, the bears dragged the price of XRP down from the $0.58 level. Coupled with the market-wide crypto correction that saw BTC retrace to the $27,200 level from $31K, the mid-term sentiment on XRP remains bearish. 

Egrag, a top crypto analyst who predicted the 2023 rally in XRP price confirmed that the asset has entered a downtrend, basing his analysis on technical indicators including the Fibonacci Ratios, Stoch Relative Strength Index (Stoch-RSI) and the Relative Strength Index (RSI). 

Per the analysis shared on Wednesday, Egrag also cited an analysis from LuxAlgo, a top trading platform, noting that XRP could drop to the $0.4 level as indicated by the Fibonacci indicator. 

He wrote, “When the LuxAlgo signals a ‘Buy’ signal & not a Strong Green ‘Buy’ signal then the possibilities of cooling off might be there. Retesting the Fib 0.382 (0.40c) is still in the cards.”

He added that the weekly Stoch-RSI also shows that XRP could drop slightly and range between $0.48 and $0.46 for a while. According to him, the Stoch-RSI does not indicate a big dump. “However, the Weekly Stoch-RSI is showing bearishness but usually the Stoch-RSI is not indicative for a dump but on the contrary, it might indicate a ranging duration,” he said. 

Given the uncertainty with the Stoch-RSI, the notable TA expert referenced the RSI indicator for a clearer prediction. Per the RSI, Egrag submitted that XRP might gather a bit of momentum to surpass the $0.6 level but later retrace to confirm the price level as support. He wrote, “The RSI is more indicative, we might have a little bit of momentum to push price above ‘Final Wake Up Line’ & then drop to retest it to confirm it as support.”

According to him, “this will be the best scenario”, adding that XRP below $1 is a life-changing opportunity and telling the XRP Army to stay steady and consider accumulating the asset at these prices below $1.

At the time of writing, XRP is changing hands at $0.4552, down by 1.78% and 11.88% in the last 24 hours and 7 days respectively.

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