In the XRP crypto sphere, it’s time to set aside any premature pessimism and immerse ourselves in the intricate realm of ideal bullish configurations. EGRAG, a prominent cryptocurrency analyst, recently shared on Twitter that they’ve been diligently sketching intriguing comparisons between the current market cycle and the celebrated bull run of 2017-2018. However, as time inexorably advances, a more nuanced outlook on bullish formations is gradually coming into focus.
EGRAG has suggested a retrospective analysis of XRP’s history by comparing two major past market cycles with the current scenario. This analysis would be conducted within the context of the weekly time frame, providing a captivating journey into the depths of XRP’s past.
In the initial cycle, XRP’s 21 EMA (Exponential Moving Average) demonstrated its precision by skillfully evading a bullish cross with the 100 MA (Moving Average). Rather than a hasty intersection, it engaged in an elegant performance, creating patterns reminiscent of a parallelogram. This synchronized dance with the 100 MA persisted for an admirable 120 days, underscoring the value of patience in the realm of crypto.
On the flip side, the second cycle witnessed a more audacious move from the 21 EMA. It took on a resolute stance, boldly leaping over the 100 MA without a hint of hesitation.
For XRP enthusiasts longing for a setup reminiscent of the golden days of 2017-2018, the time has come to plot a parallel course. This involves prolonging the 21 EMA and 100 MA bullish crossover until mid-December 2023. Additionally, it’s imperative to keep a vigilant eye, ensuring that any price downturns do not breach the crucial range of 0.34 to 0.45 cents, regardless of the circumstances.
XRP is presently trading at $0.503650, and its trading volume over the past 24 hours stands at $505,485,079. This represents a 1.12% increase in XRP’s value during that period.
