XRP 57% Vs 43%, Expert Explains To hold or Sell

Amid the uncertainty around whether investors should sell or hold XRP right now, market watcher EGRAG has provided an answer with technical backup.

Notably, after a turbulent week across the crypto market, XRP investors now find themselves at a crossroads. The token suffered a sharp decline during the latest market-wide crash on Oct. 10, falling from $2.80 to $1.53. Although XRP quickly rebounded to around $2.50, it still trades roughly 10% below its pre-crash level. 

Should You Sell or Hold XRP Now?

This bearish turn of events has triggered discussions within the community as traders question whether to hold their positions or sell to cut potential losses. 

However, EGRAG provided a breakdown of his own approach for those traders seeking immediate direction. He admitted that some people credited fellow analyst Blockchain Backer for selling XRP between $2.70 and $2.80, and those individuals now see the price hovering around $2.50 to $2.60. 

EGRAG suggested that, to such investors, selling at this point would not necessarily be a wrong choice if they prefer to avoid further stress. 

He noted that it would only result in a minor loss, but it could protect them from deeper declines. However, he clarified that he personally would not follow that path, as his strategy remains intact despite the recent downward push.

The Descending Broadening Wedge

EGRAG then turned to technicals, where he discussed his previous analysis involving a Descending Broadening Wedge. He confessed that he initially doubted this structure would fill its lower section, which led to his leveraged position being liquidated at $1.35.

According to him, this resulted in losses running into the thousands for him. Nonetheless, despite this setback, he reiterated that he neither promotes nor teaches leveraged trading, warning followers to avoid excessive risk.

EGRAG explained that the Descending Broadening Wedge currently gives XRP a 57% probability of breaking upward and a 43% chance of moving lower. According to him, traders who fall into the cautious camp could sell now and wait to reenter around $0.50 if the market follows the bearish route. 

In contrast, those who believe in the bullish outcome could aim to take profits around the $9 level, which aligns with the wedge’s projected measured move.

XRP May Not Have Topped for This Cycle

Interestingly, EGRAG also called attention to the broader market cycle. Specifically, the market analyst pointed out that during the 2021 cycle, XRP gained about 1,700% from its low to the $1.96 peak. This occurred despite the SEC lawsuit adding pressure to its price action.

Meanwhile, so far in the current cycle, XRP has only risen by approximately 1,160%. For that reason, he believes it is unreasonable to assume XRP would underperform the previous cycle by 540%, especially given the favorable narratives surrounding the asset today, like the end of the SEC lawsuit, regulatory clarity, and spot ETF products.

EGRAG predicted that if XRP mirrors the 2021 performance, it could peak around $5.20. He revealed plans to sell a small portion at $5 to gauge market reactions but aims for far higher targets. 

Speaking further, the market confirmed that he remains committed to holding through potential downturns, forecasting a minimum price of $9 in this cycle, with an average target of $20 and a potential high of $27.