XRP Price Set To Skyrocket 1,100% On This Signal: Crypto Analyst
December 05 2023 - 7:00AM
NEWSBTC
In crypto trading, history often repeats itself, or at least
rhymes. That’s why it can be crucial to spot historically important
price signals and patterns. A recent technical analysis by Egrag
Crypto has spotlighted such a pattern for XRP, indicating a
possible massive price increase. This analysis hinges on the
observation of a bullish crossover between the 21 Exponential
Moving Average (21 EMA) and the 55 Moving Average (55 MA) in the
2-week chart of XRP/USD. Egrag states, “XRP Rockets: 21 EMA &
55 MA Signal Explosion: Let’s decode the XRP trajectory – my focus?
Just two pivotal weekly candles after the crossover between 21 EMA
& 55MA.” Will The XRP Price Soar To $7? The chart provided by
Egrag Crypto highlights the XRP price movements in the two distinct
scenarios when this rare bullish signal occurred. The first bullish
crossover of the 21 EMA and 55 MA in the 2-week chart occurred in
March 2017 (scenario A). Following this signal, the XRP price saw
“two striking 2-week candles. The initial one surged by around 90%,
trailed by an electrifying 1100% spike,” Egrag remarked. Related
Reading: XRP Lawsuit: Full History, News, Schedule And Price
Predictions For the second time in the history of the XRP price,
the signal flashed at the end of December 2020. This time, the XRP
rose by 100% in the first candle, succeeded by an 84% surge in the
second 2-week candle which marked a collective 200% upswing.
According to the crypto analyst, there’s a high probability that
these scenarios will repeat themselves. “Drawing parallels from
past bullish runs, my opinion syncs with historical data,” Egrag
remarked. Notably, the chart of Egrag also features an ascending
trend line, a bullish indicator, which XRP has tested twice, as
shown by the two green circles in mid-2022 and early 2023. These
taps on the trend line are critical, as they suggest that each
touch is a test of support where the price finds enough buyers to
begin a new upward movement. Related Reading: XRP Price Set To
Explode: Analyst Identifies Trigger For Next Parabolic Move The
analyst speculates that XRP could dip slightly more to tap the
ascending trend line a third time, which could be a precursor to a
significant price rally. This potential third tap on the trend line
is viewed as a buying opportunity that could precede a considerable
price surge. Following this third retest of the trend line, Egrag
expects two possible scenarios based on the bullish crossover of
the 21 EMA and 55 MA. In scenario A, the crypto analyst envisions a
dramatic rise in the XRP price, projecting a target of $7.00, which
would represent a staggering increase of 1,139.35% from the current
price. Scenario B suggests a more conservative target of $1.80,
which would still be an impressive gain of 218.82%. The “No Return
Zone,” marked in red at the $1.80 level, is set just above scenario
B’s target. It indicates a critical threshold that could either act
as a resistance zone or confirm a strong bullish momentum if the
price sustains above it. Broader Market Forces The crypto analyst
is also aware that the Bitcoin price traditionally plays a major
role for altcoins such as XRP. He therefore notes on the current
market conditions, “eyes fixed on BTC as the majority anticipates a
$48K-$50K peak, potentially followed by a pullback, igniting a
widespread alt season. Yet, what’s intriguing? A scenario where BTC
skyrockets to ATH, retraces, and unleashes a truly wild alt
season.” The analyst’s perspective leans towards an initial spike
to between $7 to $10, followed by a significant retracement, and
then an even more substantial rise to the levels of $20 to $30. On
being queried about the extent of the expected retracement from the
$7-$10 range, Egrag Crypto answered an “aggressive $1.3-1.5”
drawdown. At press time, XRP traded at $0.61095. Featured image
from Medium, chart from TradingView.com
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