The technical attitude of XRP still plays an important step, and this time the Bullish Momentum is supported by the release of one of the most powerful historical indicators. According to a new analysis placed by Egrag Crypto on the social media platform X, XRPs 21 EMA and 55 SMA Weekly Crossover plays very nicely, with XRP recently beating $ 3.65 on July 18 at $ 3.65 Before cooling.
Now this analysis projects that the pattern can still be at an early stage. Based on historical results, XRP can be on its way to reach up to $ 9 or even $ 24.
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Bull crosses cause huge rallies for XRP
Egrag’s graph, that is displayed The weekly price promotion of XRP with the 21 EMA and 55 SMA trend lines, shows that every time a bullish crossover took place between the two trend lines, it marked the start of a strong price rally. The first instance of such a cross was in March 2017, and by the end of that cycle, the price of XRP had reached a peak that represented an increase of 40,000% of its low point. In August 2020, a comparable crossover produced a 750% pump before it reached the top.
The most recent Bullish Crossover took place in October 2024 and has resulted in An increase of 560% compared to the bottom of XRP in September 2024. However, there was a comparable temporary pump in April 2023 that Egrag had excluded from his model.
Based on different assumptions about the previous price outsourcing between the two cycles, the analyst two possible goals outlined For the current cycle. The first projection is a rally of 1500%, double that of the 2020 run, which would place the price peak for this cycle at $ 9. The second projection is a rally of 4,000%, which only represents 10% of the massive peak from 2017. This second, more Bullish projection places the price of XRP everywhere at $ 24.
Graphic image of X: Egrag Crypto
XRP drops to test $ 3 after new ATH at $ 3.65
After reaching a new cycle high at $ 3.65 on July 18, XRP could not hold over the $ 3.21 and resistance zone and corrected to test The support level of $ 3.00 on July 24. The price volatility, although strong, was not enough to break this level of support.
CasiTrades from Crypto analyst Also weighed on The current technical arrangement by pointing to an Elliott golf golf that suggests that a large third wave is about to begin. In her analysis on X, she confirmed that XRP has completed a subwave 2 -correctionreaching the deep 0.854 Fibonacci retracement level before bouncing. What is important here is that the price is kept above $ 3, which never forms a new low point, which is probably a new price floor.
Graphic image of X: Casitrades
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If the buying of volume increases and XRP has its handle above $ 3.21 back, the next step is to focus on $ 3.82, which coincides with the 2,618 Fibonacci extension. Interestingly, the analyst noticed that $ 3.82 also matches what many platforms are historically included as the new of all times of XRP. Must close a weekly candle above $ 3.82, It can lead to prices that match the Egrag projections.
At the time of writing, XRP acts at $ 3.17.
Featured image of Getty Images, Graph of TradingView