- The top market analyst has projected that XRP is on course to retest ATH by September.
- The coin could deviate from this course, a scenario that will be unprecedented.
EGRAG, a prominent analyst in the crypto market believes XRP could retest its all-time high (ATH) of $3.84 within the current market cycle. The analyst’s prediction comes amid a recent decline in the price of XRP despite a resurgence in the broader market.
EGRAG Cites XRP Historical Patterns
EGRAG stresses that the current bearish trend on XRP is not a new development. EGRAG’s analysis is based on the crossover of the 21-day and 55-day Moving Averages (MA) in a 2-week timeframe. Historically, a 21 MA crossover below the 55 MA indicates a bearish trend, while the opposite indicates a potential bullish outcome.
#XRP This Time Is Different – 9th of September 2024
🔍 Examining the behavior of the 21 EMA and 55 MA on the 2-weekly timeframe.
📊 Definitions:#Bearish Cross: 55 MA crosses 21 EMA#Bullish Cross: 21 EMA crosses 55 MA
🔄 Cycle A:#Bearish cross to #Bullish cross: 574 days… pic.twitter.com/pa49S7NiSZ
— EGRAG CRYPTO (@egragcrypto) May 5, 2024
To support his theory, EGRAG cites historical data from the past two cycles. In Cycle A, which started in 2016, the bearish trend lasted 574 days after the 21 MA dipped below the 55 MA, followed by a bullish crossover. Nonetheless, XRP reached its cycle peak of $3.84 after 294 days of consolidation.
Cycle B, which began in the first quarter of 2019, followed a similar pattern, with a 658-day bearish period followed by a bullish reversal. However, unlike Cycle A, it took only 140 days for XRP to reach its cycle high of $1.96 in April 2021.
ERGRAG pointed out that XRP is currently in Cycle C, which began in the latter half of 2023 when the 21 MA moved below the 55 MA. According to the analyst, this has resulted in XRP’s persistent underperformance since August 2023. He, however, stated that the bullish crossover has occurred, but XRP is yet to reach its peak for this cycle, remaining in consolidation for 154 days.
EGRAG Proposes XRP’s Rise to $3.84 by September 9
EGRAG highlighted that while XRP has surpassed the consolidation period of Cycle B (140 days), it hasn’t reached the duration of Cycle A (294 days). This observation leads him to believe that XRP might be following a similar trajectory to Cycle A.
If this scenario plays out, the market expert claims the asset could potentially hit its peak price for the current cycle within the next 140 days, translating to a possible peak around September 9th. EGRAG expects this cycle to be more bullish than Cycle B, potentially exceeding the previous all-time high of $3.84. According to ERGRAG, any deviation from this prediction by September 9th would indicate that XRP is on a different course.
Captivatingly, there are signs of growing bullish sentiment surrounding XRP. Derivatives data from Coinglass reveals a 5% increase in Open Interest in the past day. This is in addition to a long/short ratio increasing to 0.9743, suggesting that traders are betting on a price increase in the short term.
Meanwhile, EGRAG is not alone in his bullish prediction for XRP. According to a prior report by Crypto News Flash, experts say XRP could reach $1,000, accelerated by large trading volumes.
Amid this bullish forecast, the coin is currently trading at $0.5386, up by 0.35% in the past day. The trading volume increased by 114.5 to $1.7 billion, while the market cap increased by 0.42% to $29.6 billion.
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