Popular crypto analyst EGRAG CRYPTO, recognized for his very bullish stance on XRP, has predicted that the XRP price is headed for $27 as a sample from 2017 emerges once more. The analyst made this prediction recognized in a latest put up on social media to mirror that XRP is now mimicking a historic cross between the 20 and 50 Simple Moving Averages.
Interestingly, with XRP at the moment buying and selling at $0.6079 amidst a lull market achieve, EGRAG’s prediction represents a surge of over 4,300% from the present worth ranges.
Analyst Points To Similarities Between 2017 And Current Market Conditions
An in depth look into EGRAG’s technical evaluation factors to a cross between the 20 SMA and 50 SMA, with the previous crossing above the latter. Interestingly, this cross dates 50 bars on the weekly candlestick time-frame, round 350 days in the past.
Now, he identified that this situation has solely occurred twice all through XRP’s historical past with two completely different outcomes, and XRP might now go on the trail of both consequence or it might play out one thing new within the coming days.
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#XRP 🚀 Is This Similar to 2017, or Are We Witnessing Something New?
The historic information reveals two crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA).
A) If this resembles Cycle ‘A’, then we might anticipate a fast and aggressive worth surge, akin to a rocket… pic.twitter.com/o8PVCqJP14
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
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The first time any such cross occurred between the 2 shifting averages was in 2017. However, the value of XRP continued to consolidate for 49 weekly bars earlier than occurring a fast and aggressive worth surge to achieve its present all-time excessive of $3.84. EGRAG known as this ‘Cycle A’, likening the value motion to a “rocket ship-style pump.”
The second time any such cross occurred was in 2021. In this cycle, which he known as ‘Cycle B,’ XRP went on a smaller consolidation for 32 bars earlier than occurring a lesser worth surge than that of Cycle B. EGRAG believes that the present cycle, which he known as “Cycle C,” mirrors that of Cycle A greater than Cycle B, as there are not any evident similarities within the patterns between the 20 SMA and 50 SMA.
EGRAG, in his steady spirit of ultra-bullishness, forecasted that the present cycle may get away by an element of 10 occasions larger than the one which was seen in Cycle A, which might point out a goal of $27.
What’s Next For XRP Price?
EGRAG is likely one of the few crypto analysts who’re still optimistic about XRP’s future. In a former analysis made in December 2023, he famous various scenarios of how XRP might surge previous $1 within the first quarter of 2024 amidst a bull run ushered in by Spot Bitcoin ETFs.
Although the introduction of those ETFs undoubtedly attracted capital to the cryptocurrency house and propelled Bitcoin to but a brand new report excessive, XRP’s worth hasn’t elevated all that a lot.
XRP crossed over $0.73 on March 11 for the primary time since November 2023 however has been on a downfall since then with the formation of decrease highs and decrease lows. However, issues might change into a strong bullish momentum very quickly if XRP bulls continue to hold above the $0.6 worth help.
Token worth jumps above $0.61 | Source: XRPUSDT on Tradingview.com
Featured picture from CoinMarketCap, chart from Tradingview.com
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