In a recent post on X, Crypto analyst and enthusiast, Egrag Crypto, highlighted a recurring pattern in XRP’s Weekly Relative Strength Index (RSI).
Accompanying his post was a detailed chart outlining the “Double Tops” RSI pattern observed over multiple market cycles and its implications for XRP’s price trajectory. According to the analyst, this repeating phenomenon indicates XRP’s potential ascent to double-digit price levels.
The Double Tops RSI Pattern Explained
Egrag’s analysis delves into XRP’s historical weekly RSI behavior, identifying a consistent movement across past market cycles: In the first top, the RSI peaks, followed by a sharp decline. For the Second Top, the RSI climbs again, forming the final peak of a bull run.
This two-step RSI pattern has reportedly coincided with significant price movements in XRP’s history, signaling the culmination of bullish trends. Based on this historical data, Egrag believes that XRP may again follow this pattern, potentially achieving unprecedented price levels. In his words, “Double RSI Tops = Double Digits.”
#XRP Weekly RSI Pattern: Double Tops, Double Digits!
Let’s take a closer look at the Weekly RSI for #XRP📊 Over the years, the Weekly RSI for #XRP reveals a fascinating rhythm:
1️⃣ First Top – The RSI peaks and then dives aggressively 🕳️.
2️⃣ Second Top – The RSI climbs again,… pic.twitter.com/z5zwiFyGD3
— EGRAG CRYPTO (@egragcrypto) December 5, 2024
Egrag’s Price Projections and Market Outlook
When asked by a fellow user, Superman_Crypto, whether XRP would directly reach double-digit prices or experience a correction first, Egrag provided a detailed response. He projected that XRP could initially hit a range of $4.85 to $6.40, followed by a significant correction, and then embark on another upward surge.
Egrag elaborated on his expectations for corrections, stating that a 70% correction from $6.40 could see XRP retrace to $1.92, which he identified as a strong support level before a subsequent 5-10X rally. Similarly, a 70% correction from $4.85 would bring the price to $1.46, again followed by a potential 5-10X recovery.
To manage such volatility, Egrag advised his followers to employ both dollar-cost averaging (DCA) and dollar-sell averaging, acknowledging the unpredictability of XRP’s ultimate peak price.
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Historical Parallels and Investor Sentiment
The RSI pattern highlighted by Egrag draws parallels to XRP’s previous bull runs. Historically, XRP has exhibited rapid price increases during bullish phases, often followed by equally sharp corrections.
Egrag’s analysis has resonated with many in the XRP community, particularly given the asset’s recent price performance and growing institutional interest. However, some investors remain cautious, emphasizing the importance of considering broader market conditions and regulatory developments.
As XRP continues to garner attention from institutional players and retail investors, the coming months could provide critical insights into whether the asset fulfills the ambitious forecasts set forth by analysts like Egrag.
Disclaimer: This content is meant to inform 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. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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