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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

XRP Price Surge Imminent? Expert Eyes 1,500% Rally Signal From Past

Jake Simmons
Jake Simmons
1 year ago
2 mins read
XRP price

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Crypto analyst Egrag recently delved into the XRP price charts and spotlighted signs that suggest a possible rally of more than 1,500% is on the horizon. The focus of this analysis is the ASO (Average Sentiment Oscillator), a metric that traders employ to determine market sentiment.

XRP Price Rally Of 1,500%+ Ahead?

Egrag’s monthly XRP/USD chart showcases the convergence of the blue line, symbolizing bulls, and the red line, representing bears. A month ago, Egrag had marked a yellow box on his chart, predicting the bullish crossover to take place between the end of 2023 or the onset of the latter half of 2024.

Today, Egrag noted, “XRP ASO Update: The journey is only heading UP! I’ve been eagerly awaiting the bullish crossover of the ASO since February 2023. And guess what? It’s finally here!” Should XRP mimic its historical patterns, and if Egrag’s predictions hold true, the XRP price might witness some considerable price movements in the coming months.

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Historically, the cryptocurrency experienced this bullish crossover twice before. The 2017 event led to a staggering 55,000% increase in XRP’s price, while the one from late 2020 to April 2021 resulted in a 1,500% appreciation. Given the “largest jaw” ever observed on the chart, Egrag has sparked discussions suggesting that the forthcoming rally could even outpace its predecessors.

XRP price
XRP ASO bullish cross | Source: X @egragcrypto

By connecting the dots from the historical data and the recent crossover, Egrag further elaborated, “Looking at historical data, we can see that it typically takes around 275 days to reach the peak after this event.” If XRP follows its historical trends, as Egrag suggests, the XRP price might be gearing up for some substantial price action within the next 7-10 months.

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Ending his tweet on a rallying note for the vast community of supporters, commonly referred to as the ‘XRP Army’, Egrag encouraged, STAY STEADY and keep on wearing your space suit.”

To provide more context, the ASO acts as a momentum oscillator, giving averaged percentages of bull/bear sentiment. It’s particularly potent in discerning sentiment during specific candle periods, assisting in trend identification or pinpointing entry/exit moments. The tool was conceived by Benjamin Joshua Nash and modified from its MT4 version. The oscillator’s design, showcasing Bulls % with a blue line and Bears % with a red line, illuminates the prevailing sentiment in the market.

At press time, XRP traded at $0.5990. Upon examining the 1-day chart, it’s evident that the XRP price faced a second rejection at the 0.382 Fibonacci retracement level, which stands at $0.625.

Although the RSI has settled somewhat, it remains elevated in the overbought zone at 71. This suggests that the price might gear up for another shot at overcoming this resistance. However, if it doesn’t succeed, a pullback to the 0.236 Fibonacci retracement level, priced at $0.553, may be on the horizon. On the upside, the 0.5 Fibonacci retracement level, pegged at $0.683, represents the next potential price target.

XRP price
XRP price, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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