Based on historical data and chart patterns, an expert technical analyst believes a sustained XRP bull run will kickstart in August or June next year.
Per an analysis shared by Egrag on Wednesday, the well-known chartist revealed that XRP is on the verge of repeating history in terms of bullish price action if a particular chart pattern is formed.
Citing the Moving Average Convergence Divergence (MACD) technical indicator on the monthly timeframe XRP chart, the pseudonymous analyst predicted an imminent bullish cross that would kick off a stunning rally in XRP price.
For context, MACD is a technical indicator that provides a helpful guide for identifying market trends and momentum. Accordingly, Egrag revealed that a bullish cross often confirms the price projections portrayed by the monthly MACD. Referring to a bullish cross, he wrote: “When this happens, it typically signals that the next monthly price candle will experience a surge and kick off a new bull run.”
#XRP Monthly MACD – Historical Proof:🚀📊💹
When it comes to predicting market trends, the Monthly MACD has provided a useful guideline for identifying trends, measuring strength, and even determining entry and exit points.
In the below #XRP Chart, I can say that one key piece… pic.twitter.com/9VvQNvhcIJ
— EGRAG CRYPTO (@egragcrypto) July 12, 2023
Timeline For Next XRP Bull Run
According to Egrag, the expected bullish cross is primed to occur in June 2024. However, he noted that the bullish cross can play out earlier than expected in August. While the top crypto analyst failed to share any price target, Egrag noted that
He wrote: “Looking at historical data, we can see that the previous bull run lasted 884 days from the turning point of red to green. If history repeats itself, we could see a similar timeline for the next bull run, with the expected bullish cross occurring on June 1st, 2024. However, there is also the possibility of an earlier cross happening on August 1st, 2023.”
Whether this prediction will materialize or not is a function of time, he said, noting that the forecasted timeline for the bullish cross to occur could be affected by “a major shift in price action.”
Notably, XRP became the top-performing asset in the crypto market today following the ruling that the digital token is not a security in the long-standing Ripple-SEC case. At the time of writing, XRP is trading at $0.811 following a surge of over 72% in the last 24 hours.
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