XRP Poised for Growth: Analyst Forecast Bullish Movement Ahead
March 01 2024 - 10:00AM
NEWSBTC
XRP witnessed an uptick this week moving closer to its 2024
high, but several trends have been cited by crypto analysts that
could drive the token even higher in the coming months. XRP Poised
For A Positive Upward Trajectory Crypto Egrag, a well-known
cryptocurrency expert and trader, has shared his latest insights on
the price action of XRP with the community on the social media
platform X (formerly Twitter). Related Reading: XRP Price Soars:
Analyst Predicts Surge Beyond $200 His analysis came in light of
the general correction witnessed in the crypto market a few days
back. Egrag’s latest predictions delve into XRP’s potential to
reach a new all-time high in the upcoming months or bull cycle.
According to the analyst, XRP is presently demonstrating momentum
to surpass a bullish cross in the short term. He anticipates this
to happen within the year, putting his target around April and
August. Crypto Egrag has pointed out two historical instances which
he dubbed Cycle 1 and 2 that suggest XRP could reach an
unprecedented within the aforementioned timeframe. While drawing
parallels to these historical trends, Egrag noted that the first
cycle, which sent XRP to its peak, took around 280 days to reach
the level after making a bullish cross. Meanwhile, the second cycle
took XRP about 140 days to reach the same price level after forming
the cross. Consequently, the expert is extending his analysis to a
comparable timeframe and duration from these data points. Thus, he
has identified precisely the dates between April 8 and August 26 in
which his forecast could be realized. Hitherto, Egrag has urged the
crypto community to remain unwavering and keep a watchful eye on
these two dates, marking a significant day for the crypto asset.
Egrag’s X post was part of a previous analysis he made in August
last year. In the post, the expert noted that the asset has formed
a bullish cross, which usually ignites its price. However, Egrag
believes that one does not have to be a Technical Analyst (TA) to
identify this action. Specifically, the bullish cross was formed by
the “constant struggle” of the 21 weekly Exponential Moving Average
(EMA) and the 100 Moving Average (MA). Projected Time For The Token
To Reach The $0.9 Threshold Dark Defender, another crypto analyst,
has pinpointed a timeframe for XRP to reach the $0.9 price mark.
According to Dark Defender, the token arrived at several support
levels and began to form a third (3rd) wave. Related Reading: XRP
Price’s 7,000% Pump: Analyst Foresees Massive Move If This Happens
The wave was formed as a result of the altcoin reaching the
mid-level Orange Resistance. Defender anticipates the coin to range
between $0.7707 and $0.9191 between March 10 and 13 this
year. Furthermore, he has predicted a price target of $0.6462
by March 1. Nonetheless, taking into account XRP’s wary advances in
recent times, Defender’s forecast seems to be very lofty.
Featured image from iStock, chart from Tradingview.com
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