EGRAG CRYPTO, a respected market analyst, has drawn the XRP community’s attention to an intriguing development on the XRP Average Sentiment Oscillator (ASO). This development hints at the likelihood of a significant price rally over the next 275 days.
The Average Sentiment Oscillator is a market indicator that tracks the collective sentiment of market participants by calculating the average percentages of bullish and bearish sentiments.
This indicator consists of two lines: a blue line representing bullish sentiment and a red line representing bearish sentiment. The line with the higher value indicates the prevailing market sentiment.
Read Also: XRP Price Abruptly Surged To $5,791 On Binance. Pundits Speculate On Likely Cause
XRP’s ASO Indicator History
EGRAG CRYPTO has long recognized the ASO’s potency in forecasting XRP’s price movements, with its initial report dating back to February 25. In that report, he unearthed two distinct instances where the ASO indicator precisely foreshadowed XRP’s price surges and declines through bullish and bearish crosses.
The bullish cross forms when the blue line rises above the red line, and a bearish cross forms when the red line goes above the blue. XRP experienced a bullish cross in March 2017 while trading between $0.00525 to $0.02254. Following this cross, XRP embarked on an astonishing rally, ultimately reaching its all-time high.
XRP experienced a bearish cross in September 2018, which caused a drop to $0.1747 in December 2019. Another bullish cross followed less than 2 years later, propelling XRP to $1.96 in April 2021. XRP was pushed back down in May after a bearish cross.
Read Also: State-of-the-Art Machine Learning Algorithm Sets XRP Price for November 30, 2023
XRP’s Bullish Cross
EGRAG CRYPTO’s latest update from November 3 shows that the gap has closed. He stated, “I’ve been eagerly awaiting the #Bullish crossover of the ASO (Average Sentiment Oscillator) since February 2023. And guess what? It’s finally here!”
He pointed out that, historically, it has taken around 275 days, equivalent to nine months, for XRP to reach the top of its bull run after each bullish cross. He wrote, “If this pattern holds, the next 7-10 months could be filled with some spectacular fireworks!”
EGRAG CRYPTO did not provide a target in this prediction, but this update is a confirmation of an August update, backed by the ASO technical analysis, which had a target of $144. Considering the current price of XRP standing at $0.61, the target price would represent a 23,238% rally.
Follow us on Twitter, Facebook, Telegram, and Google News
