Crypto Analyst Decodes 4-Month Chart Dynamics of XRP Price

Crypto Analyst Decodes 4-Month Chart Dynamics of XRP Price

The Steel Foundation and Eye-Opening Insights of XRP: A Comprehensive Analysis

In the world of cryptocurrencies, XRP has always been a popular choice for traders and investors. Recently, renowned crypto analyst Egrag Crypto shared a detailed 4-month XRP price analysis, providing valuable insights and predictions. Let’s dive into this analysis and explore the fascinating world of XRP.

The Steel Foundation of XRP

Egrag Crypto’s analysis focuses on two major price zones: zone A and zone B. Each zone has its own “steel foundation,” which metaphorically represents an ultra-strong support zone for XRP.

Zone A, which witnessed XRP trading between $0.00485 to $0.02483 from 2013 until early 2017, has a steel foundation identified by Egrag between $0.00485 and $0.00596. This foundation remained untouched even during the most severe market downturns, highlighting its significance.

Zone B, with its price range spanning from $0.25939 to $2.00, is marked by a steel foundation between $0.25939 and $0.32630. From 2017 onwards, this support zone proved to be resilient. However, the extended bear market and external factors, such as the SEC lawsuit, briefly pushed the price below this foundation.

Egrag’s analysis also reveals that, when plotted on a 4-month time frame, XRP has never recorded a close above the $2.00 mark. This observation leads to speculation that breaking past this resistance is crucial for XRP to revisit its all-time high of $3.40, achieved on January 7, 2018. To achieve this milestone, the cryptocurrency would need a surge of over 580% from its current pricing.

XRP price analysis by @egragcrypto

More Insights from the Crypto Analyst

Egrag Crypto’s analysis provides further intriguing insights into the XRP market. In June 2022, September 2022, and January 2023, the bulls successfully prevented the XRP price from breaching the steel foundation, indicating a highly bullish sentiment. The chart also highlights the $0.80-$0.85 range as a significant historical point of contention.

XRP has consistently failed to close above this threshold, repeatedly showing red during bearish phases. Egrag describes this range as a “historical battleground,” emphasizing the challenge XRP faces in surpassing it. He states, “The cryptocurrency has never closed a full-bodied Green Candle above this threshold, perpetually donning a red shroud during the #Bear market descent.”

Another noteworthy prediction from Egrag is the emergence of a monthly green candle closure above $0.83. According to him, this event would set the stage for the next steel foundation, which he calls “the imminent transformation.” In simpler terms, Egrag implies that this could be the last opportunity for traders and investors to purchase XRP under $1.

Egrag Crypto concludes by warning about the potential FOMO (Fear of Missing Out) rush when XRP hits the $2 range, indicating the importance of this zone for traders. He urges the XRP community to remain vigilant and informed, assuring them of providing further in-depth visuals and insights on longer timeframes, such as the ASO bullish cross.

At the time of writing, XRP is trading at $0.5001.

XRP price trades below 23.6% Fib, 1-week chart

As the crypto market evolves, analyzing and understanding the movements of different cryptocurrencies like XRP becomes essential for both traders and investors. Egrag Crypto’s in-depth analysis provides valuable insights into the steel foundation of XRP and highlights crucial price zones and historical trends. By keeping a close eye on these developments, individuals can make informed decisions when navigating the ever-changing blockchain landscape.

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