Analyst Egrag Crypto has presented a new analysis of XRP's market behavior, reviewing its past price fluctuations and potential for growth.
Historical Patterns: 2017 and 2021 as Key Reference Points
Egrag begins his commentary by referring to the current market downturn as 'blood on the streets,' citing the well-known investing phrase: 'You buy the blood, even if it’s your own.' Despite the recent drop in XRP’s price, he maintains confidence in significant upside potential, using historical data and technical patterns to support his view.
The analysis points to two previous market cycles, 2017 and 2021, where XRP experienced sharp retracements from local highs—73% in 2017 and 78% in 2021—followed by a retest of the 200-day moving average. Each cycle also showed multiple daily closes below the 200 MA, with the largest pullbacks from that average being 25% and 42%, respectively. Egrag notes that after those corrections, XRP saw massive rallies, surging approximately 2,700% in 2017 and around 1,000% in 2021.
Bullish Conditions Remain Intact Based on Moving Averages
Egrag highlights a critical technical condition that signals XRP remains in a bull market. The broader bullish structure stays intact as long as the 50-day moving average does not cross below the 200-day moving average—a so-called 'bearish cross.'
His annotated chart shows previous bearish crosses after significant rallies, suggesting such a crossover typically marks the end of a cycle rather than its beginning. As of now, this crossover has not occurred, indicating the market may still be positioned for further upside. Egrag reminds his followers of his previous prediction of a $3 XRP price when it was trading below $0.30, affirming his past accuracy.
Conclusions on the Current State of XRP
Egrag points out uncertainties regarding the next moves but places this within the context of potential continuation upward. He asserts that the current dip is a buying opportunity and reiterates that significant price increases are forthcoming.
In conclusion, Egrag emphasizes the importance of monitoring changes in moving averages and recommends that investors closely observe XRP's dynamics in the coming months.
Egrag Crypto's discussion about XRP highlights historical parallels and critical technical conditions that may signal potential opportunities in the market. Investors should carefully examine the data presented before making decisions.
