- XRP shows relative strength vs ETH during market crash, holding XRP/ETH ratio well
- Egrag Crypto analysis sees current XRP drop mirroring historical pre-rally patterns
- Key support near $1.60 / 200MA tested; 50MA > 200MA keeps bull structure intact
XRP faced intense selling pressure Monday, dropping over 14% along with the broader crypto market. However, analysts are pointing to intriguing signs – specifically XRP’s relative strength against Ethereum and historical chart patterns – that might hint at underlying bullish potential even during the current turmoil.
While XRP’s USD price hit lows near $1.60 before settling around $1.79 (down 14.11% daily), analyst CrediBULL Crypto noted its pairing against Ethereum (XRP/ETH) held firm.
What Does XRP’s Strength vs. ETH Signal?
This relative strength, where XRP didn’t weaken as much against ETH, is seen by CrediBULL as a potentially bullish signal. He suggested this could mean XRP is gearing up for a strong reversal, especially if it reclaims the $2.00 to $2.20 resistance zone.
A break above that area, he argued, could confirm an impulsive bullish trend continuation. CrediBULL also noted that Ethereum failed to capitalize on the correction to gain significant ground against XRP.
Is XRP Repeating a Bullish Historical Pattern?
Separately, analyst Egrag Crypto reiterated his view that XRP’s current price action echoes historical setups. He highlighted massive corrections in 2017 (73%) and 2021 (78%) that ultimately preceded explosive rallies (2,700% and 1,000%).
Related: XRP Price Prediction: Can Bulls Push Past $2.10 for Rally to $2.68?
Egrag emphasized XRP’s interaction with its 200-day moving average (MA) during those cycles, noting price often dipped below it before surging. With XRP currently testing support near this key long-term average after its sharp drop, he sees the parallel.
What Keeps the Longer-Term Bull Structure Intact?
Despite the recent crash and weak short-term indicators like an oversold RSI (dipping near 31) and bearish MACD, Egrag pointed out a crucial factor: XRP’s 50-day MA remains above its 200-day MA.
Related: XRP Set for ‘Final Blastoff’ After ‘Boredom Phase’: Egrag Predicts Surge
This means a bearish “death cross” hasn’t occurred, preserving the technical long-term bullish structure, in his view. He suggested the current dip presents an accumulation opportunity rather than a reason for panic, assuming this structure holds. Holding the recent $1.60 low is therefore critical.
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