XRP analyst Egrag Crypto predicts cycle peak for September 9, 2024.
Analysis compares behavior of moving averages in past XRP cycles.
He urges the community to stay vigilant amid potential market divergence.
Popular crypto and XRP analyst Egrag Crypto shares his latest take on the XRP price charts. Based on the asset’s current actions and moves made by Ripple and XRPL, Egrag Crypto shares a very bullish prediction. In detail, he reveals a very important date for XRP to moon.
#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
As we can see from his post above, Egrag Crypto highlights September 9, 2024 as a very bullish date for XRP and its holders. In particular, he dives into the charts to offer insights into the future trajectory of the popular asset.
Specifically, Egrag Crypto begins by stating that he is examining the behavior of the 21 EMA (Exponential Moving Average) and 55 MA (Moving Average) on the 2-weekly timeframe. He then goes on to define two key terms for clarity.
Firstly, he marks what he means by the Bearish Cross which is that the Bearish Cross is signaled by the 55 MA crossing below the 21 EMA. Similarly, he defines the Bullish Cross which is signaled by the 21 EMA crossing above the 55 MA.
Next, he makes key notices of the previous three Bitcoin Halving cycles to reveal valuable pattern observations. He notes that in the first cycle, the Bearish Cross to the Bullish Cross took 574 days, followed by 294 days to reach the Cycle Top.
Accordingly, he marks the following for the second and third cycle. The second saw the Bearish Cross to the Bullish Cross spanning 658 days, with 140 days to the Cycle Top, while the third cycle lasted 504 days from the Bearish Cross to the Bullish Cross, with nearly 154 days to the present.
Based on this analysis, Egrag Crypto concludes that the current duration post-Bullish Cross has exceeded that of the second cycle but remains within the timeframe of the first cycle. Thus, if historical trends repeat, September 9, 2024, could mark the next cycle peak in this analyst’s eyes.
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The post XRP Analyst Predicts Potential Cycle Peak on September 9, 2024, XRP Army Celebrates Bullish Momentum appeared first on Crypto News Land.