XRP Price Surge Imminent? Expert Eyes 1,500% Rally Signal From Past
03 November 2023 - 8:00PM
NEWSBTC
Crypto analyst Egrag recently delved into the XRP price charts and
spotlighted signs that suggest a possible rally of more than 1,500%
is on the horizon. The focus of this analysis is the ASO (Average
Sentiment Oscillator), a metric that traders employ to determine
market sentiment. XRP Price Rally Of 1,500%+ Ahead? Egrag’s monthly
XRP/USD chart showcases the convergence of the blue line,
symbolizing bulls, and the red line, representing bears. A month
ago, Egrag had marked a yellow box on his chart, predicting the
bullish crossover to take place between the end of 2023 or the
onset of the latter half of 2024. Today, Egrag noted, “XRP ASO
Update: The journey is only heading UP! I’ve been eagerly awaiting
the bullish crossover of the ASO since February 2023. And guess
what? It’s finally here!” Should XRP mimic its historical patterns,
and if Egrag’s predictions hold true, the XRP price might witness
some considerable price movements in the coming months. Related
Reading: Ripple Transfers 800 Million XRP Back To Escrow: Catalyst
For Price Rally? Historically, the cryptocurrency experienced this
bullish crossover twice before. The 2017 event led to a staggering
55,000% increase in XRP’s price, while the one from late 2020 to
April 2021 resulted in a 1,500% appreciation. Given the “largest
jaw” ever observed on the chart, Egrag has sparked discussions
suggesting that the forthcoming rally could even outpace its
predecessors. By connecting the dots from the historical data and
the recent crossover, Egrag further elaborated, “Looking at
historical data, we can see that it typically takes around 275 days
to reach the peak after this event.” If XRP follows its historical
trends, as Egrag suggests, the XRP price might be gearing up for
some substantial price action within the next 7-10 months. Related
Reading: XRP Ledger Market Cap Soars On Regulatory Success: 59% YTD
Growth Achieved Ending his tweet on a rallying note for the vast
community of supporters, commonly referred to as the ‘XRP Army’,
Egrag encouraged, STAY STEADY and keep on wearing your space suit.”
To provide more context, the ASO acts as a momentum oscillator,
giving averaged percentages of bull/bear sentiment. It’s
particularly potent in discerning sentiment during specific candle
periods, assisting in trend identification or pinpointing
entry/exit moments. The tool was conceived by Benjamin Joshua Nash
and modified from its MT4 version. The oscillator’s design,
showcasing Bulls % with a blue line and Bears % with a red line,
illuminates the prevailing sentiment in the market. At press time,
XRP traded at $0.5990. Upon examining the 1-day chart, it’s evident
that the XRP price faced a second rejection at the 0.382 Fibonacci
retracement level, which stands at $0.625. Although the RSI has
settled somewhat, it remains elevated in the overbought zone at 71.
This suggests that the price might gear up for another shot at
overcoming this resistance. However, if it doesn’t succeed, a
pullback to the 0.236 Fibonacci retracement level, priced at
$0.553, may be on the horizon. On the upside, the 0.5 Fibonacci
retracement level, pegged at $0.683, represents the next potential
price target. Featured image from Shutterstock, chart from
TradingView.com
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