Expert Analyst reveals “Moon Date” for XRP.
According to the popular crypto pundit, XRP, which has been in a downtrend for more than two years, is set to have a change of trend this year.
EgragCrypto, the pseudonymous TA analyst, took to Twitter on Sunday to share his bullish thoughts on XRP, which the SEC claims is an unregistered security.
Using the available historical data, he predicted the possible start date for the bull run of the native token of the XRP Ledger. As stated by him, the “moon date” for XRP is July 1, 2023.
#XRP Saturday 1st of July 2023 is the Moon Date:
History shows that #XRP took 27 bars from Dec 2014 Highs till 2017 BullRun. If we apply the same elapsed time & same rational to the current price action. Then 27 bars from April 2021 will lead us to 01/07/2023 the Moon Date.
— EGRAG CRYPTO (@egragcrypto) January 8, 2023
With the aid of the XRP/USD chart, Egragcrypto showed that XRP had its first notable bear season last for 27 months before it recorded its biggest rally in 2017. After hitting a high of around $0.04 on December 1, 2014, XRP stayed in a descending triangle till it bottomed out at $0.0055 on March 1, 2017.
Breaking out from the descending triangle and coupled with general bullish sentiment in the crypto market in 2017, XRP rallied from $0.0055 to clinch its all-time high ($3.84) on January 4, 2018.
Related: Top Crypto Analyst Updates Outlook on XRP. Here’s His Price Target
Notably, in the last 21 months, the price action of XRP displays a descending triangle. The top of the triangle was formed in April 2021 when XRP tried to retest its all-time high but was resisted at around $2.1, due to the negative energy from the almost-ending XRP lawsuit filed against Ripple by the SEC in December 2020.
Meanwhile, the 6th-largest crypto asset by market capitalization is trading around $0.35 per coin, at press time. Notably, this price mark corresponds with the bottom line of the descending triangle.
Egrag then expects XRP to break out of the descending triangle on the 27th month which is July 2023 and stage a massive rally as in the March 2017 scenario.
“If we apply the same elapsed time and [the] same rationale to the current price action. Then 27 bars from April 2021 will lead us to 01/07/2023 the Moon Date,” he added.
This analysis goes further to support a recent hypothesis that this period could be the right time to start dollar-cost averaging into XRP. Recall that Santiment, the popular crypto market intelligence, and analytic platform equally made a bullish case for XRP, selecting it as the crypto pick for January.
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