Crypto analyst Egrag Crypto has alluded to an event that could warrant investors having to offload their XRP holdings. The analyst described this potential event as a sign and urged investors to sell everything if it ever happens.
Analyst Advises XRP Holders To Sell If This Happens
In an X post, Egrag Crypto said that XRP holders should sell all their coins if Congress eventually passes the bill to stop Congress members from trading stocks. The analyst suggested that the passage of this bill could lead to a significant downtrend for the altcoin and other crypto assets, which is why he believes investors should sell everything.
Egrag Crypto’s statement came in reference to Congresswoman Anna Luna’s speech in which she unveiled the legislation to ban stock trading among members of Congress. She had also noted that U.S. President Donald Trump was in support of this bill to ban lawmakers from trading stocks.
However, the analyst didn’t provide further details as to why the passage of this bill could affect crypto and why investors should move to sell their XRP if the bill is passed. Egrag Crypto may expect that Congress may also make a similar move to ban lawmakers from trading crypto, which he believes could be bearish.
Meanwhile, it is worth noting that Democratic lawmakers are already pushing to ban the president, vice president, and Congress members from getting involved in XRP and other cryptocurrencies. Although no bill has made it to the floor of the House, there is the probability that such a bill could limit President Trump from advocating for the crypto industry, especially if he is forced to limit his family’s involvement in crypto.
XRP At A Pivotal Moment
Amid his warning, Egrag Crypto has also provided an update on the current XRP price action. In an X post, he stated that the altcoin is at a pivotal moment where it could either break to the upside or downside. He then highlighted a symmetrical triangle, which presents both a 50% chance of upward breakout or downward breakout.
Egrag Crypto said that he is leaning towards a breakout to the upside, although he won’t be certain until the XRP price closes above the 21 SMA and exactly above $3.077 and $3.13. He noted that this is his confirmation for a full-body candle closure on the 3-day timeframe.
The crypto analyst further predicted that XRP might retest the breakout around $3.03, and that a close above $3.30 would send the altcoin towards a new all-time high (ATH). He revealed that he would start offloading his holdings when this new ATH happens, indicating that the top may be near when that happens.
At the time of writing, the XRP price is trading at around $2.98, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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