A cryptocurrency analyst shared in a Twitter (X) post earlier today that Ripple (XRP) will likely “dump before the mega pump”. In his post, the analyst EGRAG CRYPTO referred to some of XRP’s historical data and cycles to support his “mega pump” theory.
#XRP Dump Before the Mega Pump! ????— EGRAG CRYPTO (@egragcrypto) September 6, 2023
If you missed the original post from May 22, 2023, check it out here ➡️ https://t.co/MOziHS0MhO
Let me break down the historical trends and share my insights:
1️⃣ Cycle A:
In this cycle, #XRP closed above the Gaussian Channel while the… pic.twitter.com/clsADCQ5Zs
Twice before, XRP initially closed above the Gaussian Channel when it was in a red state. However, as it started declining, the channel turned green, and the price dropped to the lower boundary of the Gaussian Channel.
In a more recent instance, XRP followed the pattern of previous cycles by breaking above the Gaussian Channel while it was in the red phase. However, during the descent, the color shifted to green, and it is presently maintaining its position above the midpoint of the Gaussian Channel.
EGRAG CRYPTO believes that this has been an extremely bullish sign for the remittance token in the past. In his post, he stated that if history were to repeat itself, a “mega pump” could be in the cards for XRP in the near future.
For context, a Gaussian channel is not a term commonly used with respect to cryptocurrency. Instead, it is a concept from the field of information theory and communication systems. A Gaussian channel refers to a type of communication channel where the noise or interference follows a Gaussian (normal) distribution.
With regards to XRP’s 24-hour performance, CoinMarketCap indicated that the altcoin’s price dropped by 0.33% over the past day of trading. As a result, XRP was trading at $0.5012, which was just above its daily low of $0.5001.
Along with its price descent, XRP’s intraday trading volume slipped by more than 11% throughout the past day. This left it standing at around $727,483,118 at press time. Additionally, XRP’s weekly performance dropped further into the red zone to -5.64%.
Meanwhile, its market cap of $26,534,752,107 ranked XRP as the 5th largest cryptocurrency in terms of market capitalization. Now, only time will tell if XRP’s latest price slip is the “mega dump” before the “mega pump” predicted by EGRAG CRYPTO.
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