XRP Analyst Raises Concerns Over Chart Manipulation, Positions $1.40 as Baseline
XRP has seen an 18% decline over the past week, with analyst EGRAG CRYPTO setting a new baseline for price analysis amid concerns of data manipulation across exchanges.
XRP is currently trading at $2.43, reflecting a 7% decline in the last 24 hours and an 18% decrease over the past week, as reported by CoinGecko.
A cryptocurrency analyst, EGRAG CRYPTO, has pointed out the discrepancies in XRP prices across various exchanges, expressing concerns over how chart data will be interpreted going forward.
Analyst Rejects Exchange Data, Chooses New Price Source
EGRAG highlighted the noticeable price variations across major platforms, including Binance, Bitstamp, Poloniex, and Coinbase, especially during recent fluctuations.
“#XRP – Chart and Data Distortion ⁉️‼️ : The below post is created to find the best chart to use for a long-term view of #XRP from now on. So far, we’ve seen distortions in the data, and I want to keep things clear without too many conflicting numbers.”
From now on, they will rely exclusively on the ‘Crypto Data Set’, which averages prices from top exchanges, as it offers a more stable view of XRP’s price. EGRAG has established $1.40 as the new baseline for long-term analysis.
“Based on the recent market manipulation, the low for XRP was $1.40, and that will be my baseline moving forward.”
Furthermore, EGRAG has stated that they will not include data from the aforementioned exchanges until further notice.
Key Chart Levels and Breakdown Explained
EGRAG also discussed a technical analysis involving a descending triangle. Although they indicated that XRP should have dropped to around $2.14, it is currently trading between $2.40 and $2.60.
EGRAG warned that the critical level of $2.65 needs to be surpassed. If XRP cannot maintain levels above $2.00, they will reconsider their optimistic outlook.
“I’ll be genuinely concerned about the integrity of this cycle if we start closing 3-day candles below $2.00 and $1.91.”
Futures Market Shows Cooling Interest
XRP futures open interest has experienced a sharp decline, now at $4.15 billion, down from over $9 billion earlier this month. This drop reflects the recent price downturn and suggests many traders are either exiting or reducing their positions.
