Crypto analyst Egrag Crypto has delivered another bullish story for the XRP price. This time, he outlined two scenarios that could play out and cause the crypto token to experience a breakout, potentially pushing it up to $7.5. This comes with the recent revelation that XRP’s 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) after which showed that the crypto token could rise to $7.5 if it reaches the target break outwhich the crypto analyst claimed is imminent. Egg highlighted a “White Triangle” breakout on the chart, which he said “fits in perfectly” with the previous charts and the Fib levels of 0.702 to 0.786.
He added that the measured move is expected to be between $1.2 and $1.5 before XRP could take off and climb to $7.5. Egrag further noted that the “critical breakout point” for XRP is around $0.70 and $0.7’5 and that the crypto token is “poised” to reach this breakout in the “next few weeks.”
Egrag warned that XRP could still experience significant declines before then, and suggested that another test of the breakout could be planned. However, he is convinced that a “MEGA RUN because XRP is on the horizon.”
Meanwhile, for the second scenario of how XRP could reach 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 strong “like a boss” at the atlas line, suggesting that it won’t be long before the price rises above $0.6799.
In the meantime, $0.5777 and $0.5000 are important price levels XRP holders should monitor. Egrag calls them resistance and support levels for XRP’s uptrend along this atlas line.
XRP reaches the lowest RSI in history
Eggrag revealed in a more recent version X message That The RSI of XRP is at its lowest level ever. He noted that this claim was based on the monthly time frame and shared a graph to prove his claim. After his revelation, Eggag highlighted how bullish this was for XRPwhich says, “If this isn’t a positive sign, I don’t know what is.”
The chart he shared showed that XRP’s Relative Strength Index stands at 38, which is indeed bullish for the crypto token. Low RSI levels are considered one buy signal because they suggest the currency is oversold and undervalued. Therefore, crypto investors may want to accumulate XRP, with these buy orders expected to cause an upward move for the crypto token.
At the time of writing, XRP is trading around $0.52, up almost 1% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com