Crypto analyst Egrag Crypto has recently put forward a bullish narrative for the XRP price, suggesting that a breakout is imminent. He outlined two possible scenarios that could lead to a breakout, potentially propelling the crypto token to as high as $7.5. Egrag shared a chart on social media that indicated a “White Triangle” breakout, aligning perfectly with previous charts and Fibonacci levels. The measured move projected by Egrag is between $1.2 and $1.5 before XRP makes its climb towards $7.5. The critical breakout point he identified is around $0.70 to $0.75, indicating that XRP is poised for a significant move in the next couple of weeks.
Potential Declines and Retests
Despite the bullish outlook, Egrag warned of possible significant declines and a retest of the breakout before XRP takes off on its upward trajectory. He emphasized that the breakout point stands at $0.6799 and highlighted the key price levels of $0.5777 and $0.5000 as crucial for monitoring XRP’s movement. Egrag’s analysis indicates that XRP is currently holding strong on the atlas line, suggesting that a breakout above $0.6799 could be imminent.
RSI Analysis
Egrag recently revealed that XRP’s Relative Strength Index (RSI) is at its lowest ever, a bullish sign for the crypto token. This assertion was based on the monthly time frame, with the chart showing the RSI at 38. Low RSI levels are typically considered a buy signal as they suggest that the coin is oversold and undervalued. Egrag emphasized the significance of this RSI indicator, stating, “If this isn’t a positive signal, I don’t know what is.”
Egrag Crypto’s analysis presents a potentially bullish narrative for the XRP price, indicating an imminent breakout towards $7.5. The alignment of various chart patterns and Fibonacci levels, combined with the low RSI values, suggests that XRP could be on the brink of a significant upward movement. While cautioning about potential declines and retests, Egrag remains optimistic about a possible “MEGA RUN” for XRP in the near future. Investors and holders are advised to closely monitor the identified breakout points and key price levels to capitalize on the potential bullish momentum in XRP’s price.