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If you hear claims about XRP skyrocketing, I advise you to think twice. Yes, XRP may be one of the top ten altcoins in the cryptocurrency world. However, it owes its existence not to Ripple, but to the investors who bought it at peak prices. Who knows how many years some investors have held onto it. Believe me, there are more people who sold it at a loss. An analyst has made evaluations about XRP. I will share his evaluation but also include my criticisms.
Technical Indicator for XRP Discussed by Analyst
Analyst Egrag Crypto shared a tweet on X. The metric he pointed out is the RSI indicator. RSI is an important indicator for cryptocurrencies, but in my opinion, not for XRP. I will explain the reason in the following lines. If the RSI has reached its lowest point on the weekly timeframe, it indicates that the asset is oversold. For investors, this means “you can buy me now.”
The analyst, in his above post, points out this situation and advises investors that not buying at these levels would be a mistake. He even goes a bit overboard, accusing investors of not understanding the basics of trading. The analyst’s final words are interesting:
“Men lie, women lie, but numbers and charts do not! The next pump will be epic.”
A Cryptocurrency Struggling for 5 Years: XRP
The analyst did not specify what will happen to XRP or what level it will reach in his chart, but I remember him giving targets of 7, 10, and even 20 dollars in previous posts. Those interested can check his past posts on X.
There is no point in giving investors such wrong information. The analyst says, “Charts do not lie.” True, they do not lie, but when a company like Ripple is behind a cryptocurrency, charts are irrelevant. You buy based on the chart, and just then, Ripple releases XRP from its treasury and starts selling. What happens next? The RSI value indicating a price rise becomes meaningless.
The analyst also advises investors to buy. I, on the other hand, address investors as follows:
“Dear investor! The biggest obstacle for XRP is Ripple. Additionally, there is a lawsuit process. Do not forget. Also, remember the 100 billion tokens. It can be 1 dollar, it can be 2 dollars. These are reasonable targets. However, those who say higher are directly trying to deceive you. Be aware.”
