The XRP price charts were analyzed by crypto researcher analist , who identified indicators that indicate the potential for a significant rise above 1,500% in the near future. This research centers on the Average Sentiment Oscillator (ASO), a statistic utilized by traders to assess market sentiment.
Is there a possibility of a price rally of over 1,500% for $XRP in the future?
The monthly XRP/USD chart of Egrag illustrates the convergence of the blue line, which signifies bullish sentiment, and the red line, which represents bearish sentiment. One month prior, Egrag made a notation on his chart, indicating a bullish crossing that was anticipated to occur either at the conclusion of 2023 or at the commencement of the latter portion of 2024.
In the present day, Egrag made an observation stating, "XRP ASO Update: The trajectory is exclusively upward." The anticipation for the bullish crossover of the ASO has been building since February 2023. Moreover, it is worth noting that The long-awaited moment has arrived. If XRP were to replicate its past trends, and assuming Egrag's forecasts are accurate, it is plausible that the price of XRP may experience significant fluctuations in the upcoming months.
Throughout its history, the cryptocurrency has encountered this bullish crossing on two previous occasions. The event that occurred in 2017 resulted in a significant gain of 55,000% in the price of XRP. Similarly, the event that took place from late 2020 to April 2021 led to a notable appreciation of 1,500%. With the discovery of Egrag's exceptionally huge jaw, there have been comments speculating that the upcoming rally may surpass previous ones.
Analist expounded on the matter by drawing correlations between the previous data and the recent crossover. Egrag stated, "Upon examining the historical data, it becomes apparent that it usually requires approximately 275 days to attain the pinnacle subsequent to this occurrence." According to Egrag's analysis of historical trends, there is a possibility that the price of XRP might see significant fluctuations in the upcoming 7-10 months.
Concluding his tweet with an uplifting message directed towards the extensive network of advocates, often known as the 'XRP Army', Egrag urged everyone to maintain their composure and continue donning their metaphorical protective gear.
In order to offer more information, it is worth noting that the ASO functions as a momentum oscillator, providing averaged percentages that reflect the mood of bullish and bearish market participants. This method is highly effective in analyzing sentiment within defined time intervals, so aiding in the detection of trends or determining optimal moments for entering or exiting a trade. The tool was conceptualized by Benjamin Joshua Nash and subsequently adapted from its MT4 iteration. The design of the oscillator, which has a blue line representing Bulls % and a red line representing Bears %, effectively reveals the dominant emotion in the market.
As of the time of publication, the trading price of XRP was at $0.5990. Upon doing an analysis of the 1-day chart, it becomes apparent that the price of XRP encountered a further instance of resistance at the 0.382 Fibonacci retracement level, specifically situated at a value of $0.625.
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Despite seeing a partial decline, the Relative Strength Index (RSI) continues to exhibit an elevated level within the overbought region, now standing at 71. This implies that the price may potentially increase in order to make another attempt at surpassing this level of resistance. In the event of a lack of success, there is a possibility of a regression towards the 0.236 Fibonacci retracement level, which is valued at $0.553. One potential price objective that may be identified is the 0.5 Fibonacci retracement level, which is situated around $0.683.
