French crypto analyst Egrag has brought the community’s attention to the previous historical accumulation areas on the monthly charts. Each of these expansions had the OG altcoin bouncing off from the bottoms at least by 500%.
The 5-Times 500% Bid That Works Like a Swiss Clock
The first time that happened, between 2020 to 2021, XRP’s price stacked up 500.06% measured gains during the year to reach $1.63.
The printed higher-lowers turned out to be fruitful two years later, when the accumulation area gradually prepared XRP for the $3.07 tag. Two more of these setups were spotted in the early years 2013 – 2017.
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The French crypto technician Egrag didn’t mince words, laying out the three stages of XRP holder psychology during the market pullback: first, he says “accumulate in fear”, then “stay patient in uncertainty”. He was simply spitting technical analysis while urging accumulation in fear and distribution in euphoria.
Finally, “distribute in Euphoria”, the market veteran suggested, adding to the point: “my macro target: DOUBLE-DIGIT XRP!” This was posted during XRP’s recent pullback testing $1.32 support amid broader market weakness, the post encourages holders to remain disciplined rather than capitulate.
XRP’s Present Outlook Still Paints a Different Picture
XRP is currently situated at a similar accumulation bubble between $1.29 to $1.40, with a measured move from this range pushing XRP’s potential price to $8.35. However, bulls can’t regain dominance until the $1.51 high-tier Bollinger Band (BOLL) is broken, offering intense resistance for traders.
Also, historical XRP price projections don’t always come into action, but it makes us understand what the next bull cycle can do.
Ripple-based exchange-traded funds (ETFs) have been gaining traction from Wall Street despite the harsh near-term broader digital asset landscape. The $1.56 billion in cumulative inflows from the launch on traditional stock-markets makes XRP the most demanded altcoin on Wall Street.
How soon can it materialize into XRP’s price appreciation depends on the broader market conditions as much as on Ripple’s own regulatory developments.
The legal headwinds have been bumpy since the CLARITY Act got defeated in the United States (USA), but the CFTC & the SEC offered an alternative.
It remains to be seen whether bullish double-digit theses like Egrag’s can actually materialize in the near future.
The digital asset markets just underwent a $1 billion mid-week liquidation tsunami and most of the altcoins haven’t significantly rebounded yet. The market now decides if that’s an attractive entrance point.
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