Analyst Predicts XRP Rally to $149 as Average Sentiment Oscillator Records Bullish Cross After 2 Years

EGRAG, a top market analyst, has identified a bullish cross on the XRP Average Sentiment Oscillator (ASO) indicator after over two years, projecting a substantial rally in the next 275 days.

For context, the Average Sentiment Oscillator is a market indicator that considers the average percentage values of the bulls and bears. It consists of a blue line (the bulls) and a red line (the bears). Notably, the line with the higher value represents the dominant sentiment.

EGRAG earlier identified the importance of this indicator in XRP’s price movements since 2017. The ASO indicator has consistently provided accurate signals for XRP’s next trend direction. EGRAG’s first report on this pattern came up on Feb. 25.

At the time, the analyst highlighted two instances in which the indicator accurately signaled an XRP price surge and dip through bullish and bearish crosses. 

Historical Precedence to the ASO Indicator

Notably, the bullish cross comes up when the blue line crosses above the red line. However, the bearish cross occurs when the red line crosses above the blue line. Data from EGRAG’s chart reveals that XRP observed a bullish cross in March 2017.

When this bullish cross occurred, XRP was trading between $0.00525 and $0.02254. However, following the cross, the asset engineered a massive rally, eventually surging to the all-time high of $3.31 in January 2018.

Nonetheless, the ASO indicator witnessed a bearish cross in September 2018, resulting in an XRP collapse to $0.1747 in December 2019. Another bullish cross materialized shortly after, with XRP leveraging it for a rally to the $1.96 price territory in April 2021. However, this rally was short-lived as a bearish cross last May resulted in a subsequent drop.

XRP Witnesses Another Bullish Cross

XRP remains in this bearish territory, with EGRAG’s February post suggesting that the ASO indicator is on the verge of a third bullish cross. At the time of the initial disclosure, the gap between the red and blue lines was still noticeably large.

As the gap became smaller, the analyst provided periodic updates to the analysis. The most recent update confirms that the gap has closed, with the ASO indicator observing the bullish cross. 

EGRAG also pointed out that it has taken an average of 275 days, or nine months, for XRP to witness the peak of its bull run after each cross. Considering this estimate, he believes market participants could observe a massive price pump for XRP in the next seven to ten months.

While he did not give any specific price target in his latest post, the analyst had already made a price projection earlier. Interestingly, in one of his updates to the February post, EGRAG predicted that XRP could rally 28,250% when the cross occurs. At the time, this rate amounted to $149.

Meanwhile, XRP continues to trade above the $0.61 territory in the short term. The asset currently changes hands at $0.6147, up 1.87% over the last 24 hours. Trade Volume has dropped by 35% within the same timeframe, currently standing at $1,092,004.