Crypto analyst Egrag Crypto has advised XRP investors not to panic as they make their next move in the market. This came as he revealed levels to watch out for as the altcoin retraces alongside the broader crypto market.
Analyst Advises XRP Investors Amid Market Correction
In an X post, Egrag Crypto told XRP investors, especially the newbies, that they should not let fear dictate their next moves. The analyst also commented on the current price action, stating that investors will see where the market settles by the end of the day. In line with this, he revealed levels that investors should keep an eye on.
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The crypto analyst stated that if the XRP price maintains closures above $2.80, then it is still in a super bullish position. Furthermore, he claimed that a close near $2.65 keeps the altcoin within a strong structural formation. Meanwhile, Egrag Crypto also raised the possibility of a wick down to $2.34, which would represent a 30% retracement.
Whatever happens, the analyst is still confident that the altcoin will rally to higher prices at some point. As such, he advised XRP investors to stay steady and strong, stating that they should soon fly, indicating another parabolic rally was on the horizon. However, in the short term, a steeper price correction might occur, according to crypto analyst Ali Martinez.
In an X post, the analyst said that the Market Value to Realized Value (MVRV) ratio flashed a death cross for XRP, suggesting that a steeper correction could be underway. His accompanying chart showed that the altcoin could drop to the psychological $2 price level on this decline.
In another X post, Ali Martinez said that the on-chain data shows that past accumulation behavior points to $2.80 being a temporary buffer for XRP. Meanwhile, the real support begins below $2.48.
Long-Term Update For The Altcoin
In an X post, Egrag Crypto provided an update on his analysis of XRP’s 6-month chart. He noted that the altcoin has just less than five months left until this candle closes. Based on this, he questioned whether it can still make history by breaking the chasm of whether the top might already be in.
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However, the analyst believes that the market top isn’t in and that the last leg for the XRP price is still imminent, something he claimed would be “epic.” Egrag Crypto stated that the Non-Log Scale measured move puts the altcoin at a market top of around $4.89. On the other hand, the Log Scale measured move shows a market top of $48.90. The analyst noted that he is adopting an average approach between the two targets. As such, he sees XRP reaching at least $27.
At the time of writing, the XRP price is trading at around $2.97, up almost 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com