XRP shows promising signs of an upcoming bull run as Egrag, a prominent technical analyst, highlights a crossover with the monthly Moving Average Convergence Divergence (MACD) indicator.
Technical Analyst’s Insight
In the analysis, respected technical analyst Egrag emphasizes the importance of effectively interpreting Technical Analysis (TA) messages. Drawing parallels between TA and spoken language, Egrag provides insights into XRP’s potential bullish trend.
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The focal point of the analysis is the Monthly MACD chart, which Egrag suggests has set the stage for a potential bull run.
#XRP Monthly MACD:
Technical Analysis (TA) functions much like any spoken language. To comprehend it, you must possess the skill to interpret its messages.
In the following MACD Chart, the message is crystal clear: "Prepare for a #BullRun" – expressed in straightforward terms.… pic.twitter.com/VH7C1L38ly
— EGRAG CRYPTO (@egragcrypto) August 23, 2023
Historical Patterns and MACD Crossover
Throughout its history, XRP has witnessed significant price surges every time the MACD line (blue) crossed above the signal line (orange). Egrag’s captioned chart showcases the striking correlation between the MACD crossover and XRP’s price increase.
This phenomenon was particularly notable in March 2017 when XRP was trading at a modest $0.0055. Following the MACD crossover, XRP experienced an extraordinary rally, surging by 60,209% to reach an all-time high (ATH) of $3.3170 in January 2018.
However, the subsequent decline in XRP’s price led to the MACD line dropping below the signal line, indicating an impending downtrend. This downtrend persisted for 884 days.
In August 2020, the MACD line once again crossed over the signal line, marking the end of the 884-day downtrend and the beginning of another bull run. Despite facing legal challenges from the SEC, XRP rallied impressively from its low of $0.2500 in August 2020 to a high of $1.9669 in April 2021. This surge represented an exceptional 686% increase in just eight months.
Following the peak in April 2021, XRP experienced another downtrend as the MACD line dipped below the signal line once more.
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Read Also: Top Analyst Forecasts XRP Price Surge to $11, Says $1.5T Market Cap is Attainable
Potential Third Bull Run on the Horizon
Crucially, the monthly MACD line has now crossed above the signal line for the third time in XRP’s history. Drawing insights from past performance, Egrag predicts the potential for another notable rally.
Egrag highlights that it has been 881 days since the ongoing downtrend began, indicating that a new rally could be imminent. While the analyst refrains from providing an exact price target, the projected time for this potential surge could be in January 2024.
Currently trading at $0.5283, XRP has seen a relatively 2% increase over the past 24 hours. If XRP replicates the 2017 rally of 60,209%, it could reach $309. On the other hand, if it mirrors the 2021 rally, it could soar to $3.5.
As the cryptocurrency market continues to evolve, traders and observers closely monitor XRP’s price movements, anticipating a potential bull run based on historical patterns and technical indicators.
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