Analyst Sets Timeline For XRP to Reach a New All-Time High

EGRAG CRYPTO (@egragcrypto), a well-respected analyst on X, has presented an analysis of XRP suggesting a significant price increase by September 9, 2024. He bases his prediction on the behavior of the 21-day Exponential Moving Average (EMA) and the 55-day EMA on a 2-week timeframe to identify historical price cycles.

Moving Averages and Crossovers

Moving Averages (MAs) are technical indicators that smooth out price fluctuations to reveal underlying trends. The 21-day EMA reacts more quickly to price changes, while the 55-day EMA provides a longer-term perspective. The crossover points are used to identify potential turning points in the XRP market.

Read Also: Based On 3 Notable XRP Trajectories, Chartist Projects $1.4, $3.7, or $200. Here’s the Chart

A bullish crossover occurs when the 21-day EMA crosses above the 55-day EMA, suggesting a shift in momentum toward price appreciation. Conversely, a bearish crossover occurs when the 55-day EMA falls below the 21-day EMA, potentially indicating a period of price decline.

Historical Cycles

EGRAG CRYPTO identified three prior cycles defined by these crossover points. Each cycle is broken down into two key durations:

Bearish Cross to Bullish Cross: This timeframe represents the duration between the bearish crossover and the subsequent bullish crossover.

Bullish Cross to Cycle Top: This timeframe represents the duration between the bullish crossover and the subsequent price peak of the cycle.

Historical Cycle Analysis

The analysis reveals variations in the length of these timeframes across the three identified cycles A, B, and C.

Cycle A: The bearish-to-bullish crossover lasted 574 days, followed by a period of 294 days before reaching the cycle top. This cycle sent XRP to its all-time high of $3.84 in January 2018.

Cycle B: The bearish-to-bullish crossover lasted 658 days, followed by a shorter period of 140 days before reaching the cycle top. This cycle sent XRP to $1.96 in April 2021. Many in the community believe XRP would have created a new all-time high if not for the infamous XRP lawsuit.

Cycle C: The bearish-to-bullish crossover lasted 504 days. As of the analysis date, the timeframe from the bullish crossover to the present is approximately 154 days.

Read Also: Analyst Identifies XRP Bullish Potential with Monthly MACD Crossover. Here’s the Chart

The Target Date

By comparing Cycle C to the previous cycles, EGRAG CRYPTO highlights that the time elapsed since the bullish crossover has surpassed the duration observed in Cycle B but remains within the timeframe of Cycle A.

If historical patterns repeat themselves, Cycle C could potentially follow the path of Cycle A, suggesting that September 9, 2024, might be the next cycle top for XRP. Although EGRAG CRYPTO does not provide a price target, another prominent analyst has predicted a potential 65,000% surge based on XRP’s performance in 2017 and early 2018.

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