XRP Poised for Price Eruption After Formation of Historically Significant Bullish Golden Cross

XRP could be looking to engineer a price eruption, according to market analyst EGRAG, as the crypto asset witnesses one of its most bullish crosses in history.

In a previous analysis on Nov. 5, EGRAG had called attention to the 2-week XRP chart, noting its significance. He highlighted that the 21 exponential moving average (EMA) was on the verge of crossing above the 55 moving average (MA) on the 2-week timeframe.

At the time of this initial analysis, XRP changed hands at $0.64. EGRAG emphasized that once this bullish cross occurs, XRP could witness a price explosion. Notably, he drew attention to historical price movements to bring credence to his claims.

Historical Crossovers

The first time this bullish cross occurred was in 2017 following a discouraging performance from XRP. As XRP gained momentum in 2017, the cross materialized. A massive price surge followed shortly after, leading to the $3.31 all-time high price in January 2018.

After the rally, XRP corrected the gains of the 2017 bull run. Amid the correction, the 21 EMA crossed below the 55 MA. However, it moved above it again in 2021, resulting in another bullish crossover. This second bullish cross led to another upsurge, as XRP captured $1.96 in April 2021.

XRP Sees Another Crossover

After the 2021 cross, the 21 EMA again moved below the 55 MA, signaling another period of price drop. This has persisted until now. In his latest analysis, EGRAG revealed that the third bullish crossover has occurred. 

According to the analyst, the current cross is likely to bring in a similar price impact to the previous two. He charged XRP investors to maintain calm and await the imminent price eruption, emphasizing that it could happen at any time.

EGRAG chose not to set any specific price targets or project a timeline for the looming uptrend. Despite this, the analyst maintains that XRP is poised for a massive rally. Meanwhile, XRP currently trades for $0.6187, down 0.47% over the past 24 hours.

Despite witnessing a major 41% collapse in trading volume to $800,048,233, XRP records increasing open interest (OI) in the futures and perpetual market. Futures OI has surged 14% in 24 hours to $9.3 million, while Perpetual OI is up 0.42% to $509.2 million.