French analyst Egrag Crypto has recently drawn the public’s attention to the region known as a Fair Value Gap (FVG), hovering between $1 to $1.05. With the FVG zone under test, shrinking candles are signaling seller exhaustion, taking a path towards $1.25 if the current zone serves as a support floor.
Double-Bottom Established At This XRP Range Before
The trading behavior within this XRP price region is historically bullish due to a double-bottom formation, the French analyst notes. Previously, the OG altcoin’s price had bounced off the $1.08 to $1.10 bottom, exhibiting the same pattern between the FVG range, backed by the classic Elliott Wave theory.
The chart attached to the post shows classic Elliott Wave elements:
- Labeled “Simple Corrections” with Flat (A-B-C), Zigzag (A-B-C) patterns
- Numbered impulse/corrective waves (1-2-3-4-5 and A-B-C structures)
- Fibonacci relationships and wave degree labeling for XRP’s price.
360 Trader, another seasoned chart analyst, has also called the zone slightly above $1 a “great place to consider accumulation”. However, just like Egrag, the analyst exercised caution over the leveraged market setup, adjusting his positioning solely for Spot markets.
Ultra-Low RSI Reading Pinpoints Underlying Potential
Indeed, the daily Relative Strength Index (RSI) has hit a critically-low territory of 22, hinting at a crucially oversold condition. Whether that translates into buying momentum, will depend on crypto whales picking up the altcoin at the $1.10 range, the next confluent resistance.
Despite the setup, both traders emphasized caution, stating that XRP must still prove a bottom is in before considering accumulation. Right now, big-time players, otherwise known as whales, aren’t convinced of the bottom, judging from TradingView’s stats on multiple XRP frames.
With the Chaikin Money Flow (CMF) dwindling below zero on all time windows, XRP’s bearish stance on the Bull Bear Power (BBP) metric constitutes a short-seller takeover. If bears push XRP below the $0.99 support area, a broader freefall could take place, argues Ali Martinez.
Whilst the apex asset Bitcoin (BTC) freshly tumbled below $69,000, XRP’s price is trading $1, hovering just above the psychologically important threshold. As Crypto’s Fear & Greed Index tumbles to very fearful levels below 23, XRP’s long-time believers are awaiting better retail sentiment.
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