Rare Signal Predicts Next XRP Price Move: Crypto Analyst
November 30 2023 - 7:00AM
NEWSBTC
The XRP price has been treading water in recent days. After XRP
rose by more than 52% in just 18 days from mid-October to early
November, the price is currently in a clear consolidation phase in
the shorter time frames. However, a look at the 1-month chart of
the XRP/USD trading pair shows that the XRP price has exhibited
strong bullish months. In this sense, Crypto analyst Egrag has
drawn attention to an extremely rare phenomenon in the XRP monthly
price chart. The pattern in question is a series of three
consecutive monthly green candles, which have only been documented
twice in the history of the cryptocurrency. As the market
approaches the monthly close today, a confirmation by a close above
$0.5987 could mean the third monthly green candle for XRP. “Get
ready—within the next [few] hours, we’re poised to seal another
trio of consecutive green candles,” Egrag noted. Here’s What This
Could Mean For XRP Price Delving into the specifics, Egrag
elucidates two distinct historical precedents post such formations.
In the first scenario, a 5-month consolidation phase was observed
after XRP recorded three consecutive green candles from March to
May 2017. Related Reading: XRP Price Prediction: Analyst Identifies
3 Key Factors That Will Trigger Parabolic Move However, the
consolidation phase had an extremely bullish effect. After it
ended, the XRP price experienced a staggering 1,500% surge within
just two months. Egrag suggests that if XRP’s price action were to
emulate this historical pattern, investors can anticipate a
potential surge to $10, starting from the 1st of April 2024. The
second instance Egrag refers to the period from December 2015 to
February 2016. During this time, the price rose by approximately
102% in three consecutive green months. What followed was a
lengthier 12-month consolidation phase. But the wait was worth it
again. In March 2018, the XRP price started an extraordinary 8,000%
rally. A replication of this scenario would imply a potential
skyrocketing of XRP’s price to $50, beginning on the 1st of
November 2024. Notably, Egrag offers an average price target
standing at $30. He stated, “XRP army stay steady, the average of
these two targets lands at $30, you know that I always whisper to
you my secret target of $27. Hallelujah, the anticipation is
palpable!” Price Analysis: 1-Day Chart At press time, XRP was
trading at $0.60333. A week ago, the price managed to break out of
a downtrend channel. However, the bullish momentum quickly fizzled
out after the price was rejected at the 0.382 Fibonacci retracement
level at $0.627. Related Reading: Bitcoin Decouples with XRP, BNB
But Correlates With Dogecoin and Cardano For four days now, the XRP
price has been squeezed into a tight range between the 20-day and
50-day EMA (Exponential Moving Average), with a breakout to the
downside or upside getting closer and closer. In the event of an
upside breakout, the price level at $0.627 would be decisive. Then,
the price could tackle the 0.5 Fibonacci retracement level at
$0.688. However, if a breakout to the downside happens, a 100-day
EMA at $0.575 would be the first support. This must hold to prevent
the price from falling towards the 0.236 Fibonacci retracement
level at $0.552, which is also close to the 200-day EMA. The
convergence of both indicators signifies a price level that the
bulls must defend at all costs. Featured image from iStock, chart
from TradingView.com
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