- Prominent analyst Egrag predicts XRP’s third bullish golden cross in its history.
- Potential surge could catapult XRP to an astonishing value of $128.
Deciphering XRP’s Bullish Golden Cross
As XRP treads bearish terrains, it presents an exciting prospect for crypto enthusiasts and investors. A key figure in the analytical circuit, Egrag, has recently identified XRP’s potential bullish golden cross, a unique occurrence seen only twice before in the cryptocurrency’s chronicles.
#XRP Get Ready for the Bullish Cross! 🐂🚀📈
You don't need to be a TA Guru to see that whenever the 21 Weekly EMA and 100 Weekly MA create a #BullishCross, #XRP ignites like 🔥.
Digging deeper, this #BullishCross emerges following a prolonged tussle with the 21 EMA.#XRPArmy… pic.twitter.com/oS2J7f5XP8
— EGRAG CRYPTO (@egragcrypto) August 21, 2023
For the uninitiated, a bullish golden cross in the cryptocurrency world is when a shorter-term moving average crosses above a long-term moving average, often seen as a strong signal of a turnaround in the asset’s price from bearish to bullish.
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Egrag’s analysis showcased that the 21 Weekly Exponential Moving Average (EMA) is gearing up to cross the 100 Weekly Moving Average (MA). Historical data reveals that such crossings have invariably resulted in appreciable price spikes for XRP.
Tracing Back to XRP’s Previous Golden Crosses
A journey back in time underscores the significance of these crosses. The inaugural bullish cross manifested itself in March 2017. At the time, XRP’s valuation stood at a mere $0.00672. The aftermath? An astronomical leap to an all-time high of $3.31 by January 2018, translating to an astounding 49,155% increase within a span of ten months.
Fast forward to November 2020, and the second instance of this bullish pattern was in play. Priced at $0.2675, despite the looming shadows of legal tussles between Ripple and the SEC, XRP seized this bullish momentum. By April 2021, its valuation touched $1.9669, a commendable 635% ascension within five months, even amidst the pressures from the SEC lawsuit.
The Anticipation Surrounding the Third Bullish Cross
This anticipated third rendition of the bullish golden cross has sent waves of excitement among market analysts and traders. While Egrag has been circumspect, not committing to precise price projections or timelines, he firmly believes in the robust potential for another seismic surge in XRP’s valuation. Queried about the extent of this potential surge, Egrag drew parallels with the 2017 rally, suggesting an increase possibly mirroring half its rate.
A rough calculation based on Egrag’s indications would mean an increase by a staggering 24,577%. Considering XRP’s current trading value at $0.5192, such a surge could potentially propel XRP to a breathtaking value in the ballpark of $128.
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