Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges
March 21 2024 - 6:00PM
NEWSBTC
Popular crypto analyst EGRAG CRYPTO, known for his very bullish
stance on XRP, has predicted that the XRP price is headed for $27
as a pattern from 2017 emerges again. The analyst made this
prediction known in a recent post on social media to reflect that
XRP is now mimicking a historical cross between the 20 and 50
Simple Moving Averages. Interestingly, with XRP currently trading
at $0.6079 amidst a lull market gain, EGRAG’s prediction represents
a surge of over 4,300% from the current price levels. Analyst
Points To Similarities Between 2017 And Current Market Conditions A
detailed look into EGRAG’s technical analysis points to a cross
between the 20 SMA and 50 SMA, with the former crossing above the
latter. Interestingly, this cross dates 50 bars on the weekly
candlestick time frame, around 350 days ago. Now, he pointed out
that this scenario has only happened twice throughout XRP’s history
with two different outcomes, and XRP could now go on the path of
either outcome or it could play out something new in the coming
days. Related Reading: Shiba Inu Sees A Shift: Short Term Holders
Take Possession Of 23 Trillion SHIB #XRP 🚀 Is This Similar to 2017,
or Are We Witnessing Something New? The historical data reveals two
crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA). A)
If this resembles Cycle ‘A’, then we could expect a rapid and
aggressive price surge, akin to a rocket…
pic.twitter.com/o8PVCqJP14 — EGRAG CRYPTO (@egragcrypto) March 19,
2024 American publicly traded company and crypto exchange, Coinbase
has revealed plans to introduce Dogecoin (DOGE) in its futures
contract offerings. The first time this type of cross happened
between the two moving averages was in 2017. However, the price of
XRP continued to consolidate for 49 weekly bars before going on a
rapid and aggressive price surge to reach its current all-time high
of $3.84. EGRAG called this ‘Cycle A’, likening the price action to
a “rocket ship-style pump.” The second time this type of cross
occurred was in 2021. In this cycle, which he called ‘Cycle B,’ XRP
went on a smaller consolidation for 32 bars before going on a
lesser price surge than that of Cycle B. EGRAG believes that the
current cycle, which he called “Cycle C,” mirrors that of Cycle A
more than Cycle B, as there are no evident similarities in the
patterns between the 20 SMA and 50 SMA. EGRAG, in his
continuous spirit of ultra-bullishness, forecasted that the current
cycle might break out by a factor of 10 times bigger than the one
that was seen in Cycle A, which would indicate a target of
$27. What’s Next For XRP Price? EGRAG is one of the few
crypto analysts who are still optimistic about XRP’s future. In a
former analysis made in December 2023, he noted various scenarios
of how XRP could surge past $1 in the first quarter of 2024 amidst
a bull run ushered in by Spot Bitcoin ETFs. Related Reading:
Bitcoin Supply On Exchanges Hit 4-Year Low, But Why Is Price
Crashing? Although the introduction of these ETFs undoubtedly
attracted capital to the cryptocurrency space and propelled Bitcoin
to yet a new record high, XRP’s price hasn’t increased all that
much. XRP crossed over $0.73 on March 11 for the first time since
November 2023 but has been on a downfall since then with the
formation of lower highs and lower lows. However, things could
change into a strong bullish momentum very soon if XRP bulls
continue to hold above the $0.6 price support. Token price
jumps above $0.61 | Source: XRPUSDT on Tradingview.com Featured
image from CoinMarketCap, chart from Tradingview.com
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