XRP witnessed a rebound this week that edged closer to its 2024 high, but crypto analysts have cited several trends 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 done just that shared his latest insights on XRP’s price action with the community on social media platform X (formerly Twitter).
His analysis came in light of the general correction we witnessed in the crypto market a few days back. Egrag’s latest predictions delve into XRP’s potential to hit a new all-time high or a bull cycle in the coming months.
According to the analyst, XRP is currently showing momentum to surpass a bullish cross in the near term. He expects this to happen within a year, posting his goal around April and August.
Crypto Egrag highlighted two historical examples that he called Cycle 1 and 2, which suggest that XRP could reach unprecedented levels within the aforementioned time frame.
Drawing parallels to these historical trends, Egrag noted that the first cycle, which took XRP to its peak, took around 280 days to reach the level after a bullish cross. Meanwhile, XRP took about 140 days to reach the same price level after forming the cross.
Consequently, the expert extends its analysis to a similar time frame and duration based on these data points. In this way he has identified exactly the dates between April 8 and August 26 when his prediction could be realized.
So far, Egrag has urged the crypto community to remain steadfast and keep a close eye on these two dates, which mark an important day for the crypto assets.
Egrag’s X-post was part of an earlier analysis he made in August last year. In the afterthe expert noted that the asset has formed a bullish cross, which usually ignites the price.
However, Egrag believes that you don’t have to be a technical analyst (TA) to identify this action. Specifically, the bullish cross was formed by the “constant battle” 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 done just that localized a time frame in which XRP reaches the price of $0.9. According to Dark Defender, the token reached several support levels and started to form a third (3rd) wave.
The wave was created as a result of the altcoin reaching the Orange Resistance at the mid-level. Defender expects the coin to fluctuate between $0.7707 and $0.9191 between March 10 and 13 this year.
Moreover, he has forecast a price target of $0.6462 on March 1. Nevertheless, considering XRP’s cautious progress in recent times, Defender’s prediction seems very lofty.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
