The pessimism of the XRP has reached its highest level, and analysts are focusing on potential major reversals. After a 72 per cent sharp reversal, the market analyst, Cripto Patel, stated that the XRP ' s financing interest rate at Binance was already down, indicating that traders were actively making the asset empty. Despite the continuing rise in empty interests, Patel believes that this extreme pessimism is often a reverse sign. Historical data show that markets tend to move in the opposite direction when traders are disproportionately biased after a major decline.
EGRAG CRYPTO's Analytical Forecast
According to EGRAG CRYPTO analysts, XRP may have formed the base of the macro. He noted in his two-week graph that the rare compressions of 50 EMA, 100 EMA and 144 WMA usually occur near the lower point of the major cycle. EGRAG predicted that XRP might rebound to US$1.60 and then withdraw to the Fibonacci area of 0.618-0.50, forming a two-bottom pattern, followed by the next round of increase. If history is repeated, the initial target may be between $5 and $6.50 and the long-term target may be $9, $15 or even $31.
Market outlook
As pessimism reaches extreme levels, leverage decreases significantly, long-term technical indicators converge, and the chain continues to expand, analysts believe that the XRP may be approaching a critical turning point. The next few weeks are likely to have a decisive impact on the next steps of this top-class currency.