XRP at Crossroads: $27 Moonshot or 79% Meltdown? One Chart Holds the Answer
A prominent cryptocurrency analyst has noted both technical and fundamental elements that support a possible spike in XRP’s price to three crucial levels, specifically $5, $9, and $27. According to the pseudonymous analyst Egrag Crypto, “it all boils down to the relationship between the 21 EMA and the 33 SMA.”
However, the expert claims that a negative cross between the 21 exponential moving average (EMA) and the 33 simple moving average (SMA) on the weekly chart might be a crucial indication that a bearish formation is in play. “The market is about to enter a bear market, and the top was in. Although many will still think we’re moving forward, that cross indicates a significant change in the trend. He declared.
Going one step further, the analyst listed significant past patterns that supported a possible negative outlook for the altcoin. Following the aforementioned crossings on the XRP at Crossroads chart in May 2018 and November 2021, there was an 87% and 72% decline in the price value, respectively. The expert believes that the next significant decline will cause XRP to drop 79.5% from the bearish cross point if the average cross movement is taken into account.
On the other hand, the expert pointed out more bullish prospects, claiming that the technical chart of XRP, which is the fourth-largest cryptocurrency by market capitalization, shows the previously indicated bullish patterns that might lead to another price increase. This expected bull run would push XRP much over its all-time high of $3.84 and instead put the asset at a never-before-seen $27.
“I think XRP may see another significant pump, akin to the 1600% move, based on these bullish signals, which would push us toward about $27 from the current level.” It was written by the analyst.
XRP has maintained momentum over $2 even if its price value has dropped by 5% in the past week. At the time of writing, XRP is trading at $2.34, with hourly gains somewhat increasing.
Disclaimer and Risk Warning
coinweck does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. coinweck should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.