- XRP shows signs of seller exhaustion, signaling potential market shift.
- XRP’s price stabilizing around $2, suggesting fading selling pressure.
- Expert predicts $10 XRP within 3-6 months based on technicals.
XRP’s price action has sparked growing optimism among traders and investors following a recent analysis. According to EGRAG CRYPTO, XRP is currently experiencing seller exhaustion, signaling a potential shift in market dynamics.
The expert noted that the past three monthly candles show characteristics of a “DON’T SELL” structure, rather than the typical “SELL” pattern often seen during market corrections.
The chart analysis reveals that a large red candle earlier in the month signified a strong selling impulse. However, this was followed by smaller-bodied candles with weak follow-through, suggesting that the momentum behind the sell-off is waning. Moreover, XRP’s price has been stabilizing around the $2 mark, further reinforcing the notion that the selling pressure is fading.
A Bullish Continuation on the Horizon?
Despite the recent price fluctuations, the trend remains bullish, according to Egrag. XRP’s price continues to stay above its 21 Exponential Moving Average (EMA), a critical indicator that signals an ongoing bull market structure. This indicates that XRP is still in a consolidation phase, rather than experiencing a full market breakdown.
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The expert suggests that while a bottom formation is in progress, it’s not yet fully confirmed. There is an estimated 55-60% chance of the market forming a solid bottom, with a 25-30% possibility of one final wick down to lower levels.
A deeper downtrend is seen as less likely, with a probability of around 15%. As a result, EGRAG CRYPTO maintains that it is still too early to declare a definitive reversal, but the current signs lean toward a continuation of the bullish trend.
XRP’s Price Potential in the Coming Months
According to EGRAG CRYPTO, the price potential for XRP remains promising, with a target of $10 in the next 3 to 6 months. This prediction is based purely on technical analysis, with a probability range of 65-85%. The price movement is expected to align with a “risk-on” market phase or an altseason, where altcoins tend to experience significant rallies.
For XRP to reach these levels, the market needs to maintain its bullish structure, staying above the 21 EMA and confirming that the seller exhaustion phase has indeed played out.
Currently, XRP appears to be in a “don’t sell” zone. The key to confirming any bullish continuation will rely on sustained price movement and a more concrete confirmation of the market’s reversal. However, if the asset continues to hold above the 21 EMA, the outlook for XRP remains optimistic.
Also Read: Buy Signal Appears on XRP Chart, But With an Important Condition – Here’s What You Should Know
