XRP is looking to observe a bullish golden cross for the third time in history, leading to projections of an imminent substantial price rally.
XRP remains at the mercy of the bears, but market analysts remain confident in its potential. One such analyst is Egrag, who recently identified a potential bullish golden cross on the XRP weekly chart for the third time in the asset’s history.
Egrag recently took to X to highlight the development, calling attention to an imminent substantial price rally amid XRP’s struggle to retain the $0.50 price position.
#XRP Get Ready for the Bullish Cross! ???
You don't need to be a TA Guru to see that whenever the 21 Weekly EMA and 100 Weekly MA create a #BullishCross, #XRP ignites like ?.
Digging deeper, this #BullishCross emerges following a prolonged tussle with the 21 EMA.#XRPArmy… pic.twitter.com/oS2J7f5XP8
— EGRAG CRYPTO (@egragcrypto) August 21, 2023
He noted that the 21 Weekly Exponential Moving Average (EMA) looks to cross above the 100 Weekly Moving Average (MA). According to him, this historically results in a notable price increase for XRP.
First and Second Crosses
The accompanying chart indicates that the 21 Weekly EMA is on the brink of surpassing the 100 Weekly MA. This unique pattern has only emerged twice in the history of XRP – first in 2017 and then again in 2021.
On both occasions, the pattern was followed by significant price rallies. Notably, the occurrence typically follows a period of extended struggle between the 21 EMA and the 100 MA.
The first instance of this bullish cross occurred in March 2017, when XRP traded at $0.00672. After the cross, XRP’s value soared to an all-time high of $3.31 by January 2018. This rise translated to an incredible 49,155% surge over ten months.
The second occurrence was observed in November 2020, with XRP valued at $0.2675. Despite facing challenges from the legal dispute involving Ripple and the SEC, XRP managed to capitalize on the bullish cross.
Interestingly, XRP surged to a peak of $1.9669 in April 2021, marking an impressive 635% increase over five months. This occurred amid mounting selling pressure triggered by the SEC lawsuit.
XRP Looks to Observe Third Cross
The upcoming third instance of this pattern has captured the attention of analysts and traders, who are eager to witness a potential price surge.
While Egrag hasn’t shared specific price targets or a fixed timeline, he remains confident in the potential for another significant surge in XRP’s value. When asked about the expected increase this time, Egrag indicated a minimum of half the rate observed during the 2017 rally.
Half the increase witnessed in 2017 roughly equates to an astounding 24,577%. With XRP currently trading at $0.5192, a surge of this magnitude could drive XRP’s value to around $128.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
