Renowned Analyst EGRAG Crypto Reveals XRP Price Prediction
Crypto analyst EGRAG Crypto has recently shared a new XRP price prediction using a lesser-known indicator called the “Average Sentiment Oscillator” or ASO. According to EGRAG, the ASO is significant for predicting bullish trends in XRP. In a tweet, EGRAG stated that the ASO is currently showing an impressive ascent and curve of the bullish trend, indicating an imminent bullish cross and sparking an upcoming XRP bull run.
Predicting the Next XRP Bull Run
EGRAG’s chart shows the convergence of the blue line (representing bulls) and the red line (representing bears), indicating a potential bullish crossover. EGRAG has marked a yellow box on the chart, suggesting that this crossover could occur between late 2023 and the first half of 2024.
Previous data reveals that XRP has experienced two bullish crossovers in the past. The first occurred in 2017, resulting in a massive 55,000% increase in XRP’s price. The second crossover took place from late 2020 to April 2021, leading to a commendable 1500% appreciation in XRP’s value. EGRAG believes that the current situation is even more significant, with a “largest jaw” formation indicating that the upcoming XRP rally could surpass previous ones.
Insights into ASO
The Average Sentiment Oscillator (ASO) is a momentum oscillator that provides averaged percentages of bull/bear sentiment. It helps gauge sentiment during specific candle periods and assists in determining entry/exit points or filtering trends. Developed by Benjamin Joshua Nash and adapted from the MT4 version, ASO utilizes two algorithms to evaluate sentiment percentages and the bullish/bearish nature of individual bars.
The ASO displays Bulls % with a blue line and Bears % with a red line. A crossover at the 50% centerline indicates a power shift between bulls and bears, offering potential entry or exit points. The oscillator can also be used to observe the strength of trends or swings, such as when a blue peak surpasses its preceding red one. Setting thresholds at 70% and 30% marks allows the oscillator to function similarly to other trading indicators like Stochastic or RSI for identifying overbought/oversold levels.
Hot Take: XRP’s Potential Bull Run
Based on EGRAG’s analysis using the Average Sentiment Oscillator, there are indications of an upcoming XRP bull run. The convergence of bullish and bearish sentiments, as shown by the ASO, suggests that a bullish crossover may occur between late 2023 and the first half of 2024. Previous bullish crossovers have led to significant price increases for XRP, and EGRAG believes that the current situation could result in an even more substantial rally. By utilizing the ASO indicator, traders can monitor sentiment and identify potential entry or exit points during this anticipated bull run.
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