Egrag, a pseudonymous chartist, recently drew attention to the bullish golden cross formation on XRP’s weekly chart, marking the third occurrence in the asset’s history. Despite XRP struggling to hold major support levels lately, market analysts remain optimistic about its potential for growth.
According to Egrag, the 21 Weekly Exponential Moving Average (EMA) is poised to cross above the 100 Weekly Moving Average (MA), historically triggering significant price increases for XRP. This unique pattern has only emerged twice before, first in 2017 and then again in 2021.
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Past Instances of the Bullish Cross
The accompanying chart depicts the imminent crossover between the 21 Weekly EMA and the 100 Weekly MA. Notably, this pattern has previously resulted in remarkable price rallies for XRP. The first instance occurred in March 2017 when XRP traded at $0.00672. Over the following ten months, XRP’s value skyrocketed to a new all-time high, representing an astounding 49,155% surge.
Similarly, in November 2020, amidst a legal battle between Ripple and the SEC, XRP showcased resilience and capitalized on the bullish cross. Despite regulatory challenges, the cryptocurrency surged to a peak of $1.9669 in April 2021, reflecting an impressive 635% increase over five months.
#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
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Third Cross on the Horizon
The upcoming third occurrence of this pattern has garnered significant attention among analysts and traders eager to witness another potential price surge. Although Egrag has not disclosed specific price targets or a fixed timeline, he remains confident in the possibility of another substantial rally.
When asked about the expected increase, Egrag suggested that this rally could achieve at least half the rate witnessed during the 2017 rally. Should this estimation hold true, XRP could experience an eye-popping surge of approximately 24,577%. With XRP trading at the $0.50 region at the time of the discovery, such a surge could propel its value to around $122.
As the community eagerly awaits the third bullish cross, XRP continues to capture attention in the cryptocurrency market. Analysts and traders closely monitor its price movements, anticipating a potential surge based on historical patterns and market trends. Only time will tell if XRP can reach the projected heights outlined by experts in this exciting phase of its journey.
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