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).
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.
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
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
