EGRAG CRYPTO, a popular crypto analyst known for his extremely bullish stance on XRP, makes the following prediction: XRP price is heading towards $27 The 2017 pattern is emerging again. The analyst revealed this prediction in a recent post on social media, reflecting that XRP is currently mimicking the historical cross of the 20 and 50 simple moving averages.
Interestingly, during the lull in the market rally, XRP is currently trading at $0.6079, with EGRAG's forecast representing an increase of over 4,300% from current price levels.
Analysts point out similarities between 2017 and current market conditions
If we take a closer look at EGRAG's technical analysis, we can see that the 20 SMA and 50 SMA have crossed, with the former exceeding the latter. Interestingly, this cross is dated 50 bars, approximately 350 days prior to the weekly candlestick time frame.
Now, he said, this scenario has only happened twice in XRP's history and has resulted in two different outcomes, and that XRP could go down either path in the future or several times in the future. He pointed out that there is a possibility that something new will develop in the coming days.
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#XRP 🚀 Is this similar to 2017 or are we witnessing something new?
Historical data shows that there are two crosses between the yellow line (20 SMA) and the blue line (50 SMA).
A) If this resembles cycle 'A', we could expect a rocket-like, rapid and aggressive price increase… pic.twitter.com/o8PVCqJP14
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
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The first time this type of cross between two moving averages occurred was in 2017. However, XRP price continued to consolidate over a 49-week bar before beginning a rapid and aggressive price surge to reach its current all-time high of $3.84. EGRAG called this “Cycle A” and likened the price movement to a “rocket ship pump.”
The second time this type of cross occurred was in 2021. In this cycle, which he called “Cycle B,” XRP had a smaller price consolidation for 32 bars, followed by a slower price spike than in Cycle B. EGRAG said the current cycle, which he called “Cycle C,” is more reflective of Cycle A than Cycle B, as there are no obvious similarities between the 20 SMA and 50 SMA patterns.
In a continued ultra-bullish spirit, EGRAG predicted that the current cycle could break out 10x bigger than what was seen in Cycle A, in which case the target would be $27.
What will happen to the price of XRP?
EGRAG is one of them. There are very few cryptocurrency analysts. who still optimistic The future of XRP.in Previously performed analysis In December 2023 he said: different scenarios On how XRP could soar above $1 in the first quarter of 2024 amid a bull market led by the Spot Bitcoin ETF.
There is no doubt that the introduction of these ETFs has attracted funds into the cryptocurrency space; Bitcoin promoted Even after hitting a new all-time high, the price of XRP has not increased that much.
XRP exceeded $0.73 on March 11th for the first time since November 2023, but since then it has been on a downward trend with highs and lows forming. However, depending on the situation, Changes to strong bullish momentum XRP right away 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
