XRP is showing bullish signals unseen in years, potentially laying the groundwork for a significant price surge.
Analyst EGRAG CRYPTO (@egragcrypto) identified a historically important technical formation on the 2-week chart. The analyst uncovered this bullish golden cross, suggesting that an explosive upswing could be imminent.
EGRAG CRYPTO first highlighted this crucial 2-week chart pattern on November 5th, emphasizing the imminent crossover of the 21-period exponential moving average (EMA) above the 55-period moving average (MA).
Read Also: Forbes: Fed Money Printing To Trigger Bitcoin, Ethereum, and XRP Price Surge
He pointed out that XRP, then trading at $0.64, could witness a substantial price explosion once this bullish cross materialized. He backed his claim by referencing past price movements triggered by similar occurrences. The analyst also noticed a bullish cross on the Average Sentiment Oscillator (ASO) around that time, adding credence to his prediction.
#XRP Valhalla: The Ultimate Summoning (Update):
The most #Bullish 🐂Cross just occurred as predicted 🎯, the 21 EMA finally crossed the 55 MA on the 2-week timeframe, a topic I've been discussing for a while.
ERUPTION ANY TIME: 🌋
Now, we maintain our composure as the eruption… https://t.co/Az8iOwd5Z9 pic.twitter.com/ArV29AOYrX— EGRAG CRYPTO (@egragcrypto) December 14, 2023
Historical Precedents
The first appearance of this golden cross on the XRP chart dates back to 2017, following a period of lackluster performance. As XRP gained momentum that year, the coveted crossover materialized, followed by a monumental price surge culminating in the all-time high of $3.84 in January 2018.
After correcting sharply from the 2017 bull run, XRP witnessed another golden cross in 2021, prompting another upswing that sent it soaring to $1.96 in April of that year. However, subsequent price declines led to the 21-EMA dipping below the 55-MA, signaling a bearish phase that continued until recently.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Price Is Set For Meteoric Surge? Analyst Confirms 1000% Golden Cross Is Back
A New Bull Run
The chart reveals a third golden cross has just taken shape. The analyst believes this new formation can trigger a similar price surge as the previous two, urging XRP investors to buckle up for a potential imminent eruption.
While he refrains from setting precise price targets or outlining a specific timeline for the anticipated uptrend, his analysis confidently asserts that XRP is ready for a significant rally.
XRP also demonstrates rising open interest (OI) in both the futures and perpetual markets despite a declining trading volume. Futures OI has jumped 14% in 24 hours to $9.3 million, while Perpetual OI has ticked up 0.42% to $509.2 million. This divergence between declining volume and increasing open interest further bolsters the case for an imminent upswing.
With a historically significant bullish signal flashing, investors need to watch closely and seize this opportunity.
Follow us on Twitter, Facebook, Telegram, and Google News
