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XRP has the potential to go on a parabolic run with a likely 7,000% surge if it can meet certain technical conditions.
Known for his generally bullish stance on XRP, the analyst EGRAG CRYPTO recently identified a short-term impasse in the price of the token.
He noted that XRP has been stuck in the 21 EMA and 55 EMA range, a level that has set the stage for a potential 7,000% surge.
The XRP Price Outlook Projection
EGRAG CRYPTO shared a chart to depict his current forecast for XRP. When zoomed in, the price of XRP is stuck below the 55 EMA with a downward risk of $0.45.
The analyst pointed out that should XRP close above the $0.6 price anytime soon, it would have jumped above the 21 EMA on the 2-week timeframe and it must have beaten the local resistance level along the way.
#XRP Stuck between 21 EMA & 55 MA, Potential for 7000% Breakout:
Don't be misled by the complexity of the chart below; it presents a potentially life-changing opportunity.
Zooming IN:
On closer view, #XRP's 2-week candle appears to be caught between the 21 EMA and 55 MA. The… pic.twitter.com/kePKSEUQsm— EGRAG CRYPTO (@egragcrypto) February 15, 2024
The analyst noted that this setup is vital for a “Mega Move” in the price of XRP with high chances of recording an immediate 500% growth from the current price. This will take the price of XRP to $2.811.
The Parabolic 7,000% Rally
Beating the local resistance point as highlighted above might also lead to the completion of a W formation while also finalizing the ascending triangle formation.
Once these conditions are satisfied and XRP shoots above $2.8, EGRAG CRYPTO noted that XRP could witness a 7,000% growth from this level.
He stressed that while this projection might seem difficult to comprehend for 99% of people, he believes that with the emergence of unique utility, XRP might be on its way on a run that might last several decades.
XRP remains one of the top cryptocurrencies with a relatively slower growth track. The digital currency is changing hands for $0.5622 atop a mild growth of 0.82% in the past 24 hours.
This $0.56 level is coming at a time when Bitcoin’s price has soared to more than a 3-year high with XRP failing to even retest its highest price mark for the past year.
XRP’s market capitalization is pegged at $30,432,165,731 with the trading volume down 5.49% to $837,714,597.