Since inception, XRP has always hit the end of its bear market by registering multiple closes above the Gaussian Channel.
XRP might be gearing for a 30,000%, or 300x, pump in the foreseeable future, according to a recent analysis from Egrag, a prominent market watcher. Egrag’s latest analysis picked up data from the asset’s historical performance which suggests that an end to the bear market is imminent.
According to Egrag, XRP typically ends its bear market by registering multiple closes above the Gaussian Channel. The pattern has been observed two times, and each time it led to a massive dump before ushering in an impressive rally for the asset.
#XRP Gaussian Channel & ABC ( 30,000% PUMP):
Historical data is showing that #XRP compelets #BEAR Market by closing multiple closes above the Gaussian Channel & then Dumps & it will signify the last Dump before a Pump:
1) Multiple closes above Gaussian Channel
— EGRAG CRYPTO (@egragcrypto) May 10, 2023
The Gaussian Channel is used to analyze markets and identify trends in asset prices. Unlike other trend indicators that can suffer from lag, the Gaussian Channel minimizes lag by using statistical calculations based on historical price data to create a channel around current prices.
Egrag pointed out that, in 2017, XRP registered multiple closes above the Gaussian Channel before suffering a massive 30% dump in the latter part of the year. However, 120 days after the dump, XRP embarked on a massive rally that saw it appreciate by 30,069% from late 2017 to January 2018.
XRP also witnessed multiple closes above the Gaussian Channel in the latter part of 2020, which resulted in a 14.80% dump shortly after. It took XRP 75 days after the dump to close above the Channel again, leading to another rally in January 2021.
XRP Seeks to Repeat the Cycle
The asset is looking to repeat this cycle once more, according to Egrag. Recently, XRP once again observed multiple closes above the Channel amid its latest solo rally. Egrag pointed out that, as was the case in 2017 and 2020, XRP is facing a dump. He noted that it’s been 20 days since XRP started facing declines.
Egrag called attention to the fact that XRP has taken a bigger dump so far than what was observed in 2020. He asserted that it’s possible that the asset will stay in the bearish trend for more than 75 days. This means it might take a longer time for XRP to stage a rally this time around, but the ultimate idea is that it will.
Meanwhile, as of press time, XRP is seeing a bearish start to the day, having collapsed from $0.4305 to $0.4247. This is coming after it registered a 2.33% gain yesterday. Following the decline earlier today, the asset is looking to reclaim the $0.4305 territory, currently trading for $0.4262.
Egrag previously forecasted a 30,000% surge for XRP last month. A 30,000% increase from XRP’s current price would lead to $127. However, this is a mere analysis of the asset’s price action and should not serve as investment advice.
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