{"id":33470,"date":"2023-11-30T12:52:38","date_gmt":"2023-11-30T16:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33470"},"modified":"2023-11-30T12:52:38","modified_gmt":"2023-11-30T16:52:38","slug":"rare-signal-predicts-next-xrp-price-move-crypto-analyst","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/30\/rare-signal-predicts-next-xrp-price-move-crypto-analyst\/","title":{"rendered":"Rare Signal Predicts Next XRP Price Move: Crypto Analyst"},"content":{"rendered":"

The XRP price has been treading water in recent days. After XRP rose<\/a> by more than 52% in just 18 days from mid-October to early November, the price is currently in a clear consolidation phase in the shorter time frames. However, a look at the 1-month chart of the XRP\/USD trading pair shows that the XRP price has exhibited strong bullish months.<\/p>\n

In this sense, Crypto analyst Egrag has drawn<\/a> attention to an extremely rare phenomenon in the XRP monthly price chart. The pattern in question is a series of three consecutive monthly green candles, which have only been documented twice in the history of the cryptocurrency<\/a>.<\/p>\n

As the market approaches the monthly close today, a confirmation by a close above $0.5987 could mean the third monthly green candle for XRP. \u201cGet ready\u2014within the next [few] hours, we\u2019re poised to seal another trio of consecutive green candles,\u201d Egrag noted.<\/p>\n

Here\u2019s What This Could Mean For XRP Price<\/h2>\n

Delving into the specifics, Egrag elucidates two distinct historical precedents post such formations<\/a>. In the first scenario, a 5-month consolidation phase was observed after XRP recorded three consecutive green candles from March to May 2017.<\/p>\n

However, the consolidation phase had an extremely bullish effect. After it ended, the XRP price experienced a staggering 1,500% surge within just two months. Egrag suggests that if XRP\u2019s price action were to emulate this historical pattern, investors can anticipate a potential surge to $10, starting from the 1st of April 2024.<\/p>\n

The second instance Egrag refers to the period from December 2015 to February 2016. During this time, the price rose by approximately 102% in three consecutive green months. What followed was a lengthier 12-month consolidation phase. But the wait was worth it again.<\/p>\n

In March 2018, the XRP price started an extraordinary 8,000% rally. A replication of this scenario would imply a potential skyrocketing of XRP\u2019s price to $50, beginning on the 1st of November 2024.<\/p>\n

Notably, Egrag offers an average price target standing at $30. He stated, \u201cXRP army stay steady, the average of these two targets lands at $30, you know that I always whisper to you my secret target of $27<\/a>. Hallelujah, the anticipation is palpable!\u201d<\/p>\n

Price Analysis: 1-Day Chart<\/h2>\n

At press time, XRP was trading at $0.60333. A week ago, the price managed to break out of a downtrend<\/a> channel. However, the bullish momentum quickly fizzled out after the price was rejected at the 0.382 Fibonacci retracement level at $0.627.<\/p>\n

Related Reading: Bitcoin Decouples with XRP, BNB But Correlates With Dogecoin and Cardano<\/a><\/p>\n

For four days now, the XRP price has been squeezed into a tight range between the 20-day and 50-day EMA (Exponential Moving Average), with a breakout to the downside or upside getting closer and closer. In the event of an upside breakout, the price level at $0.627 would be decisive. Then, the price could tackle the 0.5 Fibonacci retracement level at $0.688.<\/p>\n

However, if a breakout to the downside happens, a 100-day EMA at $0.575 would be the first support. This must hold to prevent the price from falling towards the 0.236 Fibonacci retracement level at $0.552, which is also close to the 200-day EMA. The convergence of both indicators signifies a price level that the bulls must defend at all costs.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The XRP price has been treading water in recent days. After XRP rose<\/a> by more than 52% in just 18 days from mid-October to early November, the price is currently in a clear consolidation phase in the shorter time frames. However, a look at the 1-month chart of the XRP\/USD trading pair shows that the XRP price has exhibited strong bullish months.<\/p>\n

In this sense, Crypto analyst Egrag has drawn<\/a> attention to an extremely rare phenomenon in the XRP monthly price chart. The pattern in question is a series of three consecutive monthly green candles, which have only been documented twice in the history of the cryptocurrency<\/a>.<\/p>\n

As the market approaches the monthly close today, a confirmation by a close above $0.5987 could mean the third monthly green candle for XRP. \u201cGet ready\u2014within the next [few] hours, we\u2019re poised to seal another trio of consecutive green candles,\u201d Egrag noted.<\/p>\n

Here\u2019s What This Could Mean For XRP Price<\/h2>\n

Delving into the specifics, Egrag elucidates two distinct historical precedents post such formations<\/a>. In the first scenario, a 5-month consolidation phase was observed after XRP recorded three consecutive green candles from March to May 2017.<\/p>\n

However, the consolidation phase had an extremely bullish effect. After it ended, the XRP price experienced a staggering 1,500% surge within just two months. Egrag suggests that if XRP\u2019s price action were to emulate this historical pattern, investors can anticipate a potential surge to $10, starting from the 1st of April 2024.<\/p>\n

The second instance Egrag refers to the period from December 2015 to February 2016. During this time, the price rose by approximately 102% in three consecutive green months. What followed was a lengthier 12-month consolidation phase. But the wait was worth it again.<\/p>\n

In March 2018, the XRP price started an extraordinary 8,000% rally. A replication of this scenario would imply a potential skyrocketing of XRP\u2019s price to $50, beginning on the 1st of November 2024.<\/p>\n

Notably, Egrag offers an average price target standing at $30. He stated, \u201cXRP army stay steady, the average of these two targets lands at $30, you know that I always whisper to you my secret target of $27<\/a>. Hallelujah, the anticipation is palpable!\u201d<\/p>\n

Price Analysis: 1-Day Chart<\/h2>\n

At press time, XRP was trading at $0.60333. A week ago, the price managed to break out of a downtrend<\/a> channel. However, the bullish momentum quickly fizzled out after the price was rejected at the 0.382 Fibonacci retracement level at $0.627.<\/p>\n

Related Reading: Bitcoin Decouples with XRP, BNB But Correlates With Dogecoin and Cardano<\/a><\/p>\n

For four days now, the XRP price has been squeezed into a tight range between the 20-day and 50-day EMA (Exponential Moving Average), with a breakout to the downside or upside getting closer and closer. In the event of an upside breakout, the price level at $0.627 would be decisive. Then, the price could tackle the 0.5 Fibonacci retracement level at $0.688.<\/p>\n

However, if a breakout to the downside happens, a 100-day EMA at $0.575 would be the first support. This must hold to prevent the price from falling towards the 0.236 Fibonacci retracement level at $0.552, which is also close to the 200-day EMA. The convergence of both indicators signifies a price level that the bulls must defend at all costs.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-33470","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=33470"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33470\/revisions"}],"predecessor-version":[{"id":33488,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33470\/revisions\/33488"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33470"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}