In a recent tweet, prominent Ripple analyst EGRAG Crypto shared an intriguing forecast for XRP. By analyzing the 21 EMA (Exponential Moving Average) and 55 MA (Moving Average) on weekly time frames, the analyst has identified a potential “ignition date” for XRP to enter a bullish cross, which could occur on July 1st, 2024.
Examining Bullish and Bearish Crosses in XRP’s Price Cycles
EGRAG Crypto’s analysis is based on the observation of bullish and bearish crosses in XRP’s price cycles. In April 2023, the price action formed a bullish cross, indicating that it might follow the trajectory of Cycle ‘B’. However, Cycle ‘C’ is currently experiencing a bearish cross, which presents both concerns and promising prospects for XRP investors.
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The concern stems from the possibility of a waiting period lasting several months before the next bullish cross occurs. On the other hand, the promising aspect of this development lies in its similarity to a pattern observed in Cycle ‘A’, where a bullish cross was followed by a bearish cross before XRP experienced a massive surge of thousands of percent.
Historical Patterns and the Potential Ignition Date
During Cycle ‘A’, XRP’s price action underwent a sequence of crosses: a bullish cross, followed by a bearish cross, and then another bullish cross, all within a span of just 56 days. This historical pattern has caught the attention of the XRP community, known as the “XRP Army,” as it could potentially indicate a similar trajectory for the current price cycle.
If history rhymes with Cycle ‘A’, XRP could witness another bullish cross 56 days from the current bearish cross, according to EGRAG Crypto’s analysis. This projection points to a potential ignition date of July 1st, 2024, which has generated excitement and anticipation among XRP enthusiasts.
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The Significance of Bullish Crosses in XRP’s Price Action
Bullish crosses indicate that the price momentum is shifting in favor of the bulls, potentially leading to a sustained upward trend.
In the case of XRP, the occurrence of a bullish cross following the current bearish cross could mark the beginning of a significant price rally. The historical precedent set by Cycle ‘A’, where a similar pattern led to a surge of thousands of percent, has further bolstered the optimism surrounding EGRAG Crypto’s forecast.