Key Takeaways
- XRP’s current movement aligns with the ascending triangle pattern, dispelling “crash” claims.
- EGRAG CRYPTO emphasizes a macro view of market sentiment shaped by entry points.
- March’s bearish outlook signals critical developments for XRP’s long-term trajectory.
XRP’s recent market action has sparked debates, with some interpreting the movements as a “crash.” However, analyst EGRAG CRYPTO dismissed these claims, urging the community to focus on the bigger picture.
In his latest X post, he described XRP’s price behavior as a retest of the edge of an ascending triangle formation, labeling the earlier breakout attempt a “fake-out.”
He criticized the use of alarmist terms like “crash,” emphasizing that XRP’s movements are aligned with expected technical patterns. The clarification seemed aimed at calming fears among investors, urging them to focus on the bigger picture rather than micro-market “noise.”
Macro Perspective: Beyond Micro Moves
In a thread, EGRAG CRYPTO shared insights into understanding market sentiment from a macro perspective. According to the post, investors’ perception of bullish or bearish trends hinges largely on their entry price.
For those who acquired XRP at $0.25 or $0.50, a price of $2.50 may appear significantly bullish, while individuals who bought in at $3.20 might feel differently.
The thread ventured into future price possibilities, ranging from $10 to $27, and the emotional responses these levels might evoke depending on one’s position.
EGRAG highlighted the importance of macro analysis over short-term movements, advising XRP holders to stay focused on potential long-term gains rather than succumbing to market noise.
The analyst’s approach to March, historically a bearish month in their view, underscored a strategy of patience. EGRAG’s reluctance to trade XRP stems from a belief in accumulating positions during bearish phases rather than reacting impulsively to fleeting price swings.
March’s Critical Outlook for XRP
Looking ahead, March 2025 is shaping up as a pivotal month for XRP. If the market fails to show a significant upward movement within the next 20 days, EGRAG anticipates a further decline, potentially revisiting February’s lows. This scenario could form a double bottom, signaling the continuation of Wave 2 from a macro perspective.
However, if there is a strong rise in price before mid-March, there might be an indication of a transition to Wave 3. This will be followed by a mid-March correction at Wave 4 and an extreme price increase at Wave 5 which is predicted to be somewhere towards the end of Q2 or the beginning of Q3 2025.
Although EGRAG has a negative view on the short term price outlook, he remains MEGA BULLISH on XRP’s macro outlook. He stresses that the next two moths will define the token’s direction.
Related Reading | OKX Expands to 28 EEA Countries with MiCA License Approval