A popular crypto trader claims that despite its recent rally, this sub-$1 altcoin project is a life-changing opportunity.
XRP under $1 is a life-changing opportunity
XRP’s recent campaign to reclaim the $1 price point has faced fierce opposition from the bears since the altcoin surged above $0.58 on March 29. However, a prominent crypto trader claims that XRP’s sub-$1 position remains a life-changing opportunity for investors. Egrag made this claim today while analyzing the price movements of XRP amid the bearish trend observed in the broader market.
#XRP Time To Pulverize 'Final Wake UP Line' (FWUL):
When the @LuxAlgo signals a 'Buy' signal & not a Strong Green 'Buy' signal then the possibilities of cooling off might be there. Retesting the Fib 0.382
(0.40c) is still in the cards.However, the Weekly Stoch-RSI… pic.twitter.com/Re7sdbbYlS
— EGRAG CRYPTO (@egragcrypto) April 19, 2023
In his latest analysis, the analyst draws on signals from Luxalgo, a leading trading platform. Egrag points out a buy signal offered by Luxalgo for XRP at its current value. However, he states that if the signal is “bought” rather than “strong buy”, there is a possibility of a drop from the current price.
Egrag specifically suggests that XRP could drop to retest the Fibonacci point at $0.382, which is located at a price of $0.40. He also states that the Stochastic Relative Strength Index (Stoch-RSI) is showing bearish signals, which could mean that XRP could be traded in a range for a while.
According to Egrag, this scenario is not certain and in such cases the Relative Strength Index (RSI) indicator will be needed for a clearer picture. Receiving signals from the RSI, Egrag claims that XRP could potentially gain momentum to see it hit the $0.60 price point when it breaks above the “Last Wake-Up Line.” However, the seasoned analyst acknowledges that once the asset has risen above it, it may fall back to the Last Wake-Up Line. In particular, falling back to the line after breaking above the line will confirm that the line is the new support zone. Egrag believes this will be the best case scenario.
Altcoin tries to regain $0.50
Crypto trader Nuke Capital shares the same sentiment as Egrag. It made a call to action for investors to overcome their fears of buying XRP. According to him, this fear will only support the rise of XRP. He noted that exit dumps are similar to exit pumps, but reverse as they can support the next uptrend of the asset.
https://twitter.com/NukeCapital/status/164861168918048768
XRP is trading at $0.4995 today to reclaim $0.50 after being displaced by the bears. The asset fell into Egrag’s “strong support box” between $0.48 and $0.46. However, the bulls experienced a violent reversal that saw XRP rise above the box. The asset is currently down 5.88% and has given back some of its gains in the previous days.
#XRP Flipping Zone (UPDATE):
The Strong Support Box (SSB) was defended by the #Bulls like there is not tomorrow. The wick was absorbed by thirsty #Bulls.
That's why T.A. is the art of probabilities and possibilities.
Going to the low end of the SSB is still considered… https://t.co/LdcZMLnREi pic.twitter.com/fkyTj3r77w
— EGRAG CRYPTO (@egragcrypto) April 19, 2023
A drop to the bottom of the box ($0.46) wouldn’t be surprising, Egrag says. However, he will be concerned if the asset starts closing below the support box more than once. It is important to note that these are just analysis of altcoin price movements and should not be used as investment advice.
Stuart Alderoty accuses the SEC
Stuart Alderoty, Ripple’s general counsel, highlighted the company’s expansion plans in London. Alderoty announced this in a tweet today while commenting on SEC Chairman Gary Gensler’s recent congressional hearing. Alderoty said he missed all the excitement at Gensler’s trial as he was in London with the Ripple team. According to Alderoty, he and other team members are focused on growing Ripple’s business in the UK. However, Alderoty did not share further details on how Ripple plans to expand its business in London.
Meanwhile, Alderoty took the time to criticize the United States Securities and Exchange Commission for being “incompetent.” “I can’t tell you how clumsy the SEC looks from this side of the pool,” Alderoty said.
Missed all the excitement yesterday on the Gensler hearing. I am in London, spending time with our team focused on growing our business. Can't tell you how inept the SEC looks from this side of the pond.
— Stuart Alderoty (@s_alderoty) April 19, 2023
Deaton reaction
Alderoty’s latest tweet sparked backlash from members of the XRP community, including CryptoLaw founder and pro-XRP attorney John Deaton. Ripple v. The attorney representing thousands of XRP investors as amicus curiae in the SEC lawsuit said:
If I were a regulator in the UK, my mouth would water at the disaster in the US and I would think to myself what a great opportunity.
If I’m a U.K. regulator, I’m salivating at the disaster going on in the U.S. and thinking to myself what an opportunity. https://t.co/rGWpXwcBFx
— John E Deaton (@JohnEDeaton1) April 19, 2023
Analyst: These altcoin charts point to an imminent rally
Recent analysis shows that XRP may be ready for the second wave of its last major rally. Despite continued consolidation cryptocoin.com As you follow, XRP has been one of the best performing assets in the crypto market, with an impressive 37% increase over the past month. However, this consolidation has dampened the bullish trend recently.
The bearish reports surrounding XRP have exacerbated this trend. However, JD, a well-known crypto analyst, advises investors to ignore these reports. Instead, the analyst suggests that XRP may be on the verge of a major breakout.
Pay attention to the charts.. $XRP is on the verge of something BIG!!
After weekly close, I'll have better confirmation. Stop listening to irrelavent news that does nothing but REKT people.. and pay attention to the TA 😉
Retweet/like for the #XRP chart after weekly close! 🙏
— JD 🇵🇭 (@jaydee_757) April 18, 2023
However, JD acknowledges the need to evaluate XRP’s weekly close to confirm its final forecast. In this context, he said, “Stop listening to irrelevant news that only serves to rake people and pay attention to TA”. Notably, bearish trends have increased recently due to Ripple’s exclusion of XRP from the Liquidity Center solution.
Altcoin stuck in symmetrical triangle
Crypto analyst Albert Brown conducts a technical assessment for XRP. Specifically, XRP is currently stuck inside a symmetrical triangle on the daily chart. This pattern formed after the asset rallied to a ten-month high of $0.58 on March 29. A symmetrical triangle is a technical chart pattern formed when the price of an asset moves in a triangular shape, when the upper and lower trend lines meet at an equal angle.
The pattern indicates that a breakout could occur in either direction. However, assets often break into the previous trend they were in before forming the triangle. For example, if the asset was in an uptrend before forming the triangle, a breakout may be more likely to occur on the upside.
Analysts are more optimistic about a breakout to the upside, given XRP’s rally before forming the current symmetrical triangle. In addition, Ripple v. The recent positive development in the SEC case has further bolstered that confidence. Notably, during the last Congressional hearing, SEC Chairman Gary Gensler refrained from labeling XRP as a security.
However, it is important to note that these are only analysis of the price of the asset and should not be used as investment advice. In the short term, XRP is targeting $0.55, which could come into play if it breaks the critical resistance of $0.5436.
