- Analyst Egrag highlights XRP/XAU’s potential surge, driven by XAU’s fall in USD terms.
- XRP/XAU has rebounded strongly, echoing the 2017 bullish pattern and signaling possible growth.
- Analysts expect XRP/XAU to rise, with trends suggesting a 1000% gain if the patterns hold.
Egrag posted an interesting observation regarding the XRP/XAU trading pair. While most of the analysis aimed to compare XRP against the US Dollar (USD), Egrag’s analysis was based on its value in relation to XAU. The analysis established that as the value of XAU decreases in USD, the price of XAU in XRP will increase, affecting its value, when expressed in USD.
Bullish Rebound Signals Growth
After testing a major support zone that indicates bullish pressure, the XRP/XAU pair has been on an upswing. This rebound echoes the 2017 pattern, which experienced a similar pattern. The XRP is technically seen to have rebounded off the 7 EMA, indicating a possible move.
Currently, the market has shifted to ranging, in which prices move up and down in a specific range. If price action remains such, the XRP/XAU price pair is anticipated to remain within this range. However, the current bounce may repeat the 1000% reached earlier in the candles.
XRP/XAU Sentiment Analysis
The analysis focuses on XRP and XAU’s dependency in determining each coin’s sentiments. This means that when XAU/USD is moving downwards, XRP/USD has the potential to move up. This development would positively impact the XRP/XAU pair through factors arising from the fortunes of both assets against the USD. The relative strength between them suggests that the price movements of XRP/XAU will be even more significant in the coming months.
Related: Is XRP Ready for a Comeback? Key Levels Could Spark Growth
It also reveals that XRP/USD is expected to rise as XAU/USD continues to fall, consequently leading to an increase in XRP/XAU. The relations between these assets will increase XRP/XAU as the market responds to these changes. Investors watch this factor keenly, especially while waiting for a break out in the volatility of the pair’s price.
Egrag believes the XRP/XAU pair could see the same gains if the trends remain consistent. Analysts expect the price of XRP/XAU to rise to similar highs as in the previous cycles, 1000% in this case. The following weeks could indicate how much further the market will respond to these dynamics to see such an increase in the XRP/XAU pair.
