Popular crypto analyst EGRAG CRYPTO, known for his very bullish stance towards XRP, predicted that the XRP price is heading towards $27 as a 2017 pattern emerges again. The analyst released this prediction in a recent social media post to reflect that XRP is now mimicking a historical crossover between the 20 and 50 simple moving averages.
Interestingly, with XRP currently trading at $0.6079 amid a gain in market calm, EGRAG’s forecast represents an increase of over 4,300% from current price levels.
Analyst points out similarities between 2017 and current market conditions
A detailed look at EGRAG technical analysis points to a crossover between the SMA 20 and the SMA 50, with the former crossing above the latter. Interestingly, this crossover dates back to 50 bars in the candlestick’s weekly time frame, about 350 days ago.
Now, he highlighted that this scenario has only happened twice throughout XRP’s history, with two different outcomes, and XRP could now go the way of either outcome or could come up with something new in the coming days.
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#XRP 🚀 Is this similar to 2017 or are we witnessing something new?
Historical data reveals two crossovers between the Yellow Line (20 SMA) and the Blue Line (50 SMA).
A) If this resembles Cycle ‘A’, then we could expect a rapid and aggressive, rocket-like price increase… pic.twitter.com/o8PVCqJP14
– EGRAG CRYPTO (@egragcrypto) March 19, 2024
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The first time this type of crossover happened between the two moving averages was in 2017. However, XRP price continued to consolidate for 49 weekly bars before entering a rapid and aggressive price increase to reach its current all-time high. from US$3.84. EGRAG called this ‘Cycle A’, comparing the price action to a “rocket-type bomb”.
The second time this type of crossover occurred in 2021. In this cycle, which he called ‘Cycle B’, XRP underwent a smaller consolidation to 32 bars before experiencing a smaller price increase than Cycle B. EGRAG believes that the current cycle, which he called “Cycle C”, reflects that of Cycle A more than that of Cycle B, as there are no evident similarities in the patterns between the 20 SMA and the 50 SMA.
EGRAG, in its ongoing spirit of ultra-optimism, predicted that the current cycle could break by a factor of 10 times that 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 is it still optimistic about The future of XRP. On a previous analysis done in December 2023, he noted various scenarios of how XRP could surpass $1 in Q1 2024 amid a bull run sparked by Spot Bitcoin ETFs.
While the introduction of these ETFs has undoubtedly attracted capital to the cryptocurrency space and boosted Bitcoin to yet a new record, the price of XRP has not increased that much.
XRP surpassed $0.73 on March 11 for the first time since November 2023, but has been falling since then as lower highs and lower lows formed. However, things could change to 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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