Crypto analysts have XRP under the lens, as the altcoin has been consolidating for over 500 days. Well-known XRP figure Edward Farina recently predicted that the coin will be on a “perpetual cycle.”
Farina had this to say during the Istanbul Blockchain Week, with many believing XRP will enter into its biggest bull cycle despite the currently unstable market conditions. He has called on investors to enjoy the current situation while prices are low.
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Another crypto analyst, Egrag, shares his technical examination of XRP’s price movement in support of Farina’s optimism: The token’s recent resurgence within a key support and resistance levels, particularly $0.3931, signifies a very robust support zone.
This particular movement of XRP has consolidated for over one and half years, which he thinks could be considered the accumulation that must be formed prior to a massive breakout. Egrag’s chart reveals that the bullish targets could be located at $0.739, $0.924, and may even be as high as $1.469.
#XRP 540 Days Ranging Since March 13th, 2024! 🔥
If you’re getting shaken by these tiny moves, you don’t deserve the MASSIVE MEGA PUMPS that are coming!#XRPArmy STAY STEADY pic.twitter.com/ErNrvkO4F3
— EGRAG CRYPTO (@egragcrypto) September 7, 2024
‘Mega Pump’ On The Horizon?
From Egrag’s analysis, holders of XRP are about to get what he terms a “Mega Pump.” While he maintains that those who held onto their tokens during this quiet phase may be rewarded in big proportions, he put forth a contrary belief that individuals who sold their XRP don’t deserve the massive mega pumps ahead.
While XRP remains in this range, other cryptocurrencies climb. Bitcoin peaked in June 2024; Binance Coin peaked this year in April 2024. Even meme currencies like Shiba Inu and FLOKI soared, although given the volatility of the crypto market these were not sustained for long.
Despite the laggard performance, however, some long-term investors of XRP are pretty confident that the long accumulation phase will be followed by a breakout.
‘Perpetual Cycle’ Incoming?
Farina’s strategy is dollar-cost averaging: a practice wherein investors gradually buy an asset, particularly when it’s down from the peak. He said it was an excellent candidate for long-term accumulation since XRP remains…
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