Market Analyst Predicts XRP Could Reach $3.84 by September
Crypto market analyst EGRAG has provided a potential timeline for XRP to reach its peak value in the current market cycle, forecasting a new all-time high of $3.84. While XRP has lagged behind Bitcoin and Ethereum, EGRAG believes that the current bearish trend for XRP is not unusual. He highlights two phases that XRP experiences in every market cycle, determined by the crossover of the 21 and 55 moving averages on the 2-week timeframe.
Historical data shows that in Cycle A, XRP experienced a bearish cross followed by a bullish cross, and it took 294 days to reach its cycle top of $3.84. In Cycle B, XRP went through a similar pattern, with a bearish cross leading to 658 days of bearishness, followed by a bullish crossover and a cycle top of $1.96. Currently, XRP is in Cycle C, and although the bullish cross occurred, XRP has been in consolidation for 154 days without reaching the top for this cycle.
Based on these patterns, EGRAG predicts that XRP could reach its peak price for this cycle in the next 140 days, putting it on September 9. He expects this cycle to have a more bullish outcome compared to Cycle B. However, if XRP does not surpass its previous all-time high of $3.84 by September 9, it may indicate a different trajectory this time.
Notably, there are signs of increased bullish sentiment for XRP, with derivatives data showing a rise in open interest and a long/short ratio indicating more bets on an XRP price increase in the short term. Additionally, investors have been withdrawing XRP tokens from exchanges for long-term storage, suggesting confidence in the cryptocurrency’s future performance.
Currently trading at $0.5462, XRP has seen a 9.15% increase this month and is approaching the 20 EMA on the monthly timeframe, which could further boost its gains.