Cryptocurrency analyst Egrag Crypto presented another bullish narrative for the price of XRP. This time, he outlined two scenarios that could occur and cause the crypto token to break, potentially sending it as high as $7.50. This is related to the recent discovery that XRP Relative Strength Index (RSI) reached its lowest level in history.
It’s time to break the price of XRP
Egrag Crypto shared an X-shaped chart (formerly Twitter) post this showed that the crypto token could rise to $7.50 when it reaches breakoutwhich the crypto analyst says is inevitable. Egg highlighted the breakout of the “White Triangle” on the chart, which in his opinion “coincides perfectly” with the previous charts and Fib levels from 0.702 to 0.786.
He added that the measured move is forecast to be between $1.2 and $1.50 before XRP can take off and rise to $7.50. Egrag further noted that “critical breaking point” for XRP is around $0.70 and $0.7’5 and that the crypto token is “poised” to hit that breakout in the “next few weeks.”
Egrag cautioned that XRP could still experience significant declines by then, stating that a retest of the breakout is possible. However, he is convinced that “MEGARUG because XRP is on the horizon.”
Meanwhile, in the second scenario where XRP could make an imminent breakout, Egrag Crypto highlighted the “Atlas line” on the XRP chart and stated that the breakout point for XRP is $0.6799. He noted that XRP is still holding mighty “like a boss” on the Atlas line, suggesting it shouldn’t be long before it breaks above $0.6799.
Meanwhile, $0.5777 and $0.5000 are the key price levels XRP holders should monitor. Egrag marks them as resistance and support levels for the XRP uptrend along this atlas line.
XRP hits lowest RSI ever
Egrag revealed in newer release Post X This RSI XRP is the lowest in history. He noted that this claim was based on a monthly time frame and shared a chart to support his claim. After his discovery, Egrag explained how the bullish situation was with XRPstating, “If that’s not a positive sign, I don’t know what is.”
The chart he shared showed that XRP’s relative strength index is 38, which is indeed an hopeful value for the crypto token. Low RSI They are considered buy signal because they suggest that the coin is oversold and undervalued. Therefore, cryptocurrency investors may want to accumulate XRP, and these buy orders are expected to trigger an upward move for the crypto token.
At the time of writing, XRP is trading 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
