Experienced crypto analyst EGRAG said this cycle is different as analysis shows that XRP is forming an unprecedented price pattern.
According to EglaXRP has defied historical price action and growth patterns this cycle. In a tweet, the analyst compared XRP's movements in previous bull cycles with its current performance and concluded that the seventh-largest crypto asset is forming a strange pattern.
XRP forming a new pattern: Egrag
Market experts highlighted historical patterns of rally timing and price peaks in past cycles and said XRP ignored them all. in Tweethe mentioned two typical cyclical patterns observed in XRP price over time while leveraging the Average Sentiment Oscillator (ASO).
In the first cycle, XRP formed a 578-day price bottom before trending to a new 300-day high. Notably, this pattern was also seen in the 2017-2018 bull cycle when XRP peaked at $3.84.
EGRAG pointed to a second cycle pattern in which XRP surged to a new 150-day high of $1.96. Although the price increase was shorter than in the previous cycle, it still came after 580 days of consolidation since 2019.
However, market commentators said that XRP's 580-day price bottom formation ended in November 2023. Also, 300 days have passed since then, and the coin has yet to reach the new highs seen in the second cycle, let alone the full high. Best time as well as first.
Analysts say metrics are everywhere
Moving on from price patterns, EGRAG also stated that the indicators that will determine XRP's next price action are unclear. expert shared An update on the Average Sentiment Oscillator (ASO), an indicator he used to determine market views, which was generally undefined.
The ASO indicator showed that investor sentiment was uncertain, unable to determine whether the market was overbought or oversold. It also became clear that market trends are not uncertain. As a result, it was difficult to direct divergence.
EGRAG further pointed out that XRP has been range-bound for the past three years and there are no signs of another price rally. The analyst claimed that the market was manipulated and bulls and bears were influenced.
Notably, EGRAG is a long-term XRP bull and predicts an explosive price target for the XRPL native token. One of his speculations is that he says: claimed that $6 was the “worst case scenario” for XRP.
In addition, market experts claimed The 8,387% increase in XRP price to $44 was a conservative move. Notably, he backed up his claims with Fibonacci channel analysis.
Meanwhile, he called on XRP supporters to hold on as they see positive price action. imminent. At the time of writing, XRP is trading at $0.5258, down less than 1% over the past 24 hours.
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