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XRP Investment Strategy: Potential Triggers for Selling
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Renowned crypto analyst Egrag Crypto has recently touched upon a scenario that might compel XRP investors to divest their holdings. He described this possible occurrence as a critical signal and advised investors to consider selling all their XRP assets if it transpires.
Key Indicator for XRP Holders: Legislative Impact
In a recent post on X, Egrag Crypto emphasized the importance of a specific legislative development. He suggested that if Congress passes a bill prohibiting its members from trading stocks, it could signal a bearish phase for XRP and other cryptocurrencies. The analyst believes this legislative change could trigger a significant downward trend, prompting investors to liquidate their holdings.
The context for Egrag Crypto’s insights is a speech by Congresswoman Anna Luna, who introduced the legislation aiming to restrict stock trading by Congress members. Former U.S. President Donald Trump has also shown support for this initiative. However, the analyst did not elaborate on why this specific bill would negatively impact the cryptocurrency market or why it would be prudent for investors to sell their XRP if enacted. It is conceivable that similar restrictions on crypto trading by lawmakers could follow, which Egrag Crypto views as potentially bearish.
It is also noteworthy that some Democratic lawmakers are advocating for a ban on cryptocurrency involvement by the president, vice president, and Congress members. Although no such bill has been presented in the House, its passage could potentially limit Trump’s support for the crypto sector, especially if it affects his family’s crypto dealings.
XRP’s Critical Juncture: Price Analysis
Alongside his warning, Egrag Crypto also shared insights into XRP’s current market position. He pointed out that the cryptocurrency is at a crucial juncture, with equal possibilities of breaking either upwards or downwards. The analyst identified a symmetrical triangle formation, suggesting a 50% chance of a breakout in either direction.
Egrag Crypto expressed a slight favor towards an upward breakout but highlighted that confirmation would only occur if the XRP price surpasses the 21 SMA, specifically exceeding $3.077 and $3.13. He views this as a critical signal for a confirmed trend on the 3-day chart.
The crypto expert further predicted a potential retest of the breakout level around $3.03, with a close above $3.30 potentially propelling XRP to reach a new all-time high (ATH). He indicated that he would begin reducing his holdings once this new ATH is achieved, signaling that the market top could be approaching.
As of the latest data from CoinMarketCap, XRP is trading around $2.98, showing an upward trend over the past 24 hours.
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