Expert Charts 1,400% Course To $7.5 For XRP Price As RSI Falls To All-Time Low
Crypto analyst Egrag Crypto has provided another bullish narrative for the XRP price. This time, he outlined two scenarios that could occur and cause the crypto token to experience a breakout, potentially sending it as high as $7.5. This comes with the recent revelation that XRPs Relative Strength Index (RSI) has reached its lowest ever.
Time For An XRP Price Breakout
Egrag Crypto shared a chart in an X (formerly Twitter) post that showed that the crypto token could rise to $7.5 when it accomplishes the breakout, which the crypto analyst claimed is imminent. Egrag highlighted a White Triangle breakout on the chart, which he stated is aligning perfectly with the previous charts and the Fib 0.702 to 0.786 levels.
He added that the measured move is projected to be between $1.2 and $1.5 before XRP could take off and climb to $7.5. Egrag further remarked that the critical breakout point for XRP is around $0.70 and $0.75 and that the crypto token is poised to achieve this breakout in the next couple of weeks.
Egrag warned that XRP could still experience significant declines before then, stating that a retest of the breakout might be on the cards. However, he is convinced that a MEGA RUN for XRP is on the horizon.
Meanwhile, for the second scenario of how XRP could achieve its impending breakout, Egrag Crypto highlighted an Atlas Line on the XRP chart and claimed that the breakout point for XRP is at $0.6799. He noted that XRP is still holding strong like a boss on the atlas line, suggesting it shouldnt be long before it breaks above $0.6799.
In the meantime, $0.5777 and $0.5000 are key price levels that XRP holders should monitor. Egrag labels them resistance and support levels for XRPs upward trend along this atlas line.
XRP Hits Its Lowest RSI In History
Egrag revealed in a more recent X post that XRPs RSI is at its lowest ever. He noted that this assertion was based on the monthly time frame and shared a chart to prove his claim. Following his revelation, Egrag highlighted how bullish this was for XRP, stating, If this isnt a positive signal, I dont know what is.
The chart he shared showed that XRPs Relative Strength Index is at 38, which is indeed bullish for the crypto token. Low RSI levels are considered a buy signal since they suggest that the coin is oversold and undervalued. Therefore, crypto investors might be looking to accumulate XRP, with these buy orders expected to trigger a move to the upside for the crypto token.
At the time of writing, XRP is trading at around $0.52, up almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Source: NewsBTC.com
The post Expert Charts 1,400% Course To $7.5 For XRP Price As RSI Falls To All-Time Low appeared first on Crypto Breaking News.
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