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Seasoned crypto analyst EGRAG has stated that this cycle is different, as analysis shows that XRP is forming an unprecedented price pattern.
According to EGRAG, XRP has defied previous price actions and growth patterns this cycle. In a tweet, the analyst compared how XRP has behaved in bull cycles before now and its current performance, concluding that the seventh-largest crypto asset was forming a strange pattern.
XRP Forming a New Pattern: Egrag
The market expert highlighted historical patterns of uptick timing and price peaks in previous cycles, citing that XRP had disregarded them all. In a tweet, he mentioned two typical cycle patterns noticed in the XRP price over time while leveraging the Average Sentiment Oscillator (ASO).
In the first cycle, XRP trended to a new all-time high in 300 days after forming a price bottom for 578 days. Notably, this pattern was seen in the 2017-2018 bull cycle, when XRP peaked at $3.84.
EGRAG pointed to the second cycle pattern when XRP surged to a new high at $1.96 in 150 days. The price uptick was shorter than the previous cycle but still came after 580 days of price consolidation from 2019.
However, the market commentator stated that XRP’s 580 days of price bottom formation ended in November 2023. Also, 300 days have passed since then, and the coin has yet to reach a new high, as seen in the second cycle, nor an all-time high, as in the first.
Analyst Says Indicators Are All Over the Place
Moving on from the price pattern, EGRAG also stated that indicators determining XRP’s next price action were unclear. The expert shared an update on his average sentiment oscillator (ASO), a metric he used to determine the market’s perspective, which was generally undefined.
The ASO metrics showed that investors’ sentiments were unclear, as it could not determine if the market was overbought or oversold. It also revealed that market trends were not undefined. As a result, divergence was difficult to dictate.
Furthermore, EGRAG noted that XRP has been range-bound for three years, with no apparent signs of its next price push. The analyst asserted that the market was manipulated, with bulls and bears affected.
Notably, EGRAG has been a long-term XRP bull, predicting explosive price targets for the XRPL native token. In one of his speculations, he insisted that $6 was a “worst-case scenario” for XRP.
Moreover, the market expert asserted that an 8,387% surge in XRP price to $44 was a conservative move. Notably, he backed his claims with a Fibonacci channel analysis.
Meanwhile, he called on the XRP proponents to hold on, as a positive price action was imminent. At the time of writing, XRP traded at $0.5258, down less than 1% in the past 24 hours.