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Home»BITCOIN NEWS»Analyst predicts upcoming bullish move
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Analyst predicts upcoming bullish move

By Crypto FlexsMarch 1, 20243 Mins Read
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Analyst predicts upcoming bullish move
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XRP While this week has seen a rally that has pushed it closer to 2024 highs, cryptocurrency analysts have cited several trends that could push the token much higher in the coming months.

XRP heading towards a positive upward trajectory

Crypto Egrag, a famous cryptocurrency expert and trader, shared We caught up with the social media platform X (formerly Twitter) Community for his latest insights on XRP’s price action.

His analysis was made in light of the general corrections seen in . cryptocurrency market a few days ago. Egrag’s latest forecast examines the potential for XRP to hit new all-time highs in the coming months or in a bullish cycle.

According to analysts, XRP is currently showing momentum that could push it beyond the bull market in the near term. He expects this to happen within the year. target Around April and August.

Crypto Egrag pointed to two historical cases, which it termed Cycle 1 and 2, which suggest that XRP could reach unprecedented levels within the aforementioned time period.

XRP Ready for Bullish Crossover | Source: Crypto Egrag by X

Drawing parallels with these historical trends, Egrag noted that the first cycle that peaked XRP took about 280 days to reach that level after creating a bullish crossover. Meanwhile, in the second cycle, it took about 140 days for XRP to reach the same price level after forming the crossover.

As a result, expert Based on these data points, we are expanding our analysis to similar time periods and periods. He therefore correctly identified the dates on which his prediction could come true as between April 8 and August 26.

So far, Egrag has urged the cryptocurrency community to remain steadfast and keep a close eye on these two dates, which are important days for cryptocurrency assets.

Egrag’s X post was part of a previous analysis he wrote in August last year. at postThe expert noted that the asset has formed a bullish crossover that usually ignites the price.

However, Egrag believes that you don’t need to be a technical analyst (TA) to identify this action. Specifically, the bullish cross was formed by the ‘continuous struggle’ between the 21-week exponential moving average (EMA) and the 100-week moving average (MA).

Estimated time for tokens to reach $0.9 threshold

Another cryptocurrency analyst, Dark Defender, pinpointed This is the period in which XRP reaches the price of $0.9. According to Dark Defender, the token has reached several support levels and started forming its third (3rd) wave.

The wave was formed as a result of: altcoin You have reached medium level Orange Resistance. Defender predicts that the coin price will be between $0.7707 and $0.9191 from March 10th to 13th of this year.

Moreover, he predicted a price target of $0.6462 by March 1st. Nonetheless, given XRP’s recent cautious developments, Defender’s predictions appear to be very high.

XRP
XRP trading at $0.5898 on 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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