Egrag Crypto, a pseudonymous chartist, who is accustomed to analyzing crypto market trends, especially XRP, has recently pinpointed a signal that would end up being bullish for XRP, the 6th largest cryptocurrency by market cap.
According to Egrag in a captioned chart, it’s evident that whenever the 21 Weekly Exponential Moving Average (EMA) and 100 Weekly Moving Average (MA) create a bullish cross, it always favors XRP in terms of price.
The analyst further indicated that the bullish cross has emerged once again, after a long tussle with 21 EMA. He also showed in the chart that these two trendlines have only crossed paths once since 2017.
Per Egrag, due to the history behind this occurrence, XRP may respond with a massive surge in the coming days.
Captioning the illustrative chart, Egrag tweeted, “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 fire. Digging deeper, this #BullishCross emerged following a prolonged tussle with the 21 EMA.”
#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
XRP’s Price Rises Despite Latest Development in SEC Case
XRP’s price has grown over the past few days despite the U.S. Securities and Exchange Commission (SEC) being granted permission to pursue an interlocutory appeal in its case against Ripple.
Ripple’s unfolding legal drama with the SEC took a twist recently, potentially causing concern amongst XRP followers. Late last week, the regulatory body earned approval to progress with its appeal.
Ripple CTO didn’t hold back, voicing reservations about the SEC’s stance in the case and shedding light on the intricate details that make this lawsuit unique.
However, contrary to what some might expect given such news, XRP’s price trajectory remained resilient. The buzz among experts suggests that the remittance token might overcome significant resistance, possibly before this week concludes.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Crypto Pundits Maintain Their Focus
The broader crypto community, especially seasoned analysts and traders, have their eyes fixed on these developments. They’re prepping for XRP’s potential price pivot.
In anticipation of a positive market response, many have strategically positioned large buy orders at certain lower thresholds, hoping for a surge that could bring in substantial returns.
The renewed positive indicators have injected a dose of optimism within the XRP community. The atmosphere is charged with anticipation, as stakeholders keenly await a possible bullish price movement.
Exercising Prudence Is Key
Navigating the crypto waters requires a mix of enthusiasm and caution. The realm is unpredictable. While historical data offers insights, it’s no definitive predictor of what’s next. Encouraging signs do boost morale, but investors are always advised to tread carefully. Comprehensive, up-to-date research is non-negotiable before making any investment decisions.
The XRP landscape, like other cryptocurrencies, remains fluid. Continuous shifts demand that traders and investors remain informed.
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