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 XRPâs Relative Strength Index (RSI) has reached its lowest ever.Â
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 âWhite Triangleâ breakout on the chart, which he stated is âaligning perfectlyâ with the previous charts and the Fib 0.702 to 0.786 levels.Â
Source: X
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 âcritical breakout pointâ for XRP is around $0.70 and $0.7â5 and that the crypto token is âpoisedâ to achieve this breakout in the ânext 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 âMEGA RUN for XRP is on the horizon.â
Meanwhile, for the second scenario of how XRP could achieve its impending breakout, Egrag Crypto highlighted an âAtlas Lineâ on the XRP chart and claimed that the breakout point for XRP is at $0.6799. He noted that XRP is still holding strong âlike a bossâ on the atlas line, suggesting it shouldnât be long before it breaks above $0.6799.Â
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 XRPâs upward trend along this atlas line.Â
Source: X
XRP Hits Its Lowest RSI In History
Egrag revealed in a more recent X post that XRPâs 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, âIf this isnât a positive signal, I donât know what is.â
Source: X
The chart he shared showed that XRPâs 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.Â
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.Â
Featured image created with Dall.E, chart from Tradingview.com
Source: NewsBTC.com
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