Crypto expert EGRAG predicts when XRP may hit an all-time high price, moving beyond $3.84 in the present market cycle.
Talks about XRP’s price trend mainly focus on its less impressive growth than other cryptocurrencies. To give you an idea, Bitcoin (BTC) has increased by 52% this year and Ethereum (ETH) by 39%. Meanwhile, XRP fell by 13% in the same period, dropping it to seventh place in the top 10 largest cryptocurrencies.
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#XRP This Time Is Different – 9th of September 2024
🔍 Examining the behavior of the 21 EMA and 55 MA on the 2-weekly timeframe.
📊 Definitions:#Bearish Cross: 55 MA crosses 21 EMA#Bullish Cross: 21 EMA crosses 55 MA
🔄 Cycle A:#Bearish cross to #Bullish cross: 574 days… pic.twitter.com/pa49S7NiSZ
— EGRAG CRYPTO (@egragcrypto) May 5, 2024
However, experts like EGRAG believe this downward trend for XRP is nothing new. In his most recent evaluation, EGRAG highlighted that XRP goes through two stages in every market cycle. These stages are defined by the interaction of the 21 and 55 moving averages (MA) over two weeks.
When the 21 MA falls below the 55 MA, it prepares us for a downward trend. On the other hand, when the 21 MA rises above the 55 MA, it hints at an upward trend. EGRAG brings this out using past data, pointing out these changes during the past two cycles and how long each lasted.
XRP trading cycle analysis
In 2016’s Cycle A, the 21 MA fell below the 55 MA during the first three months, sparking a downward trend in pricing that lasted for 574 days. However, after this period, the 21 MA exceeded the 55 MA, hinting at a potential price increase. After this shift, it took XRP 294 days to reach its peak value of $3.84 in that cycle.
The second cycle for XRP started at the beginning of 2019. During this period, we saw the 21 MA line dip below the 55 MA line. As expected, this led to a bearish trend for 658 days. But then, the tables turned, and a bullish crossover occurred. After this favorable turn of events, XRP stabilized for 140 days before it reached its peak of $1.96 in April 2021.
XRP began its current trading pattern, Cycle C, in the latter half of last year when the 21 MA dipped below the 55 MA. This has led to a continued weaker performance from XRP since August 2023. Despite the 21 MA later moving above the 55 MA, XRP’s market activity has remained steady without hitting a high point for this cycle for over 150 consecutive days.
XRP cycle analysis and price projection
Market expert EGRAG has indicated that XRP follows a similar timeline to its previous Cycle A. This cycle took 294 days to peak, longer than Cycle B, which took 140 days. As XRP has passed the milestone of Cycle B but has not yet completed Cycle A, EGRAG believes it will match the longer timeline. If this is correct, he projects XRP is poised to reach the highest price in its current cycle within the next 140 days, estimated around September 9.
EGRAG believes that XRP, which didn’t exceed the $3.84 peak in Cycle B, could have a more positive outcome this time. He suggests that if XRP doesn’t exceed its current peak by September 9, its path is unique this time.
#XRP Weekly RSI Analysis (UPDATE):
In previous cycles, #XRP has shown a pattern of two cycle tops, typically occurring around the 2nd mark. The first top tends to be nearly equal to the second top, but in cycle B, the second top had Lower Highs.
The current bottom formation… https://t.co/FQSf3ebee1 pic.twitter.com/Y3sh8IwUib
— EGRAG CRYPTO (@egragcrypto) May 8, 2024
Data from Coinglass demonstrates a growing positive sentiment towards XRP. On the last day alone, there was a 6% increase in ‘Open Interest’ to $580 million. This means more traders are betting on the price of XRP going up shortly, as seen in the increased long/short ratio to 1.0657.
Interestingly, investors have been removing their XRP tokens from exchanges, potentially to keep them in long-term storage options. Since April 6, these investors have removed over $477 million of XRP from these platforms. On April 12, they removed over $48 million in XRP – the biggest withdrawal this year.
XRP is being traded for $0.5462, a 9.15% increase this month. XRP is on the edge of surpassing the 20 EMA at $0.5488 monthly. This could be the stepping stone to even larger gains if it does.
Read More: Ripple XRP Price Prediction 2024 – 2040
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