The indicator considers previous price movements from XRP that led to surges of 47,000% and 700%.
XRP may be primed for an explosive rally that could skyrocket its price by 300% to 30,000% in the near future. XRP’s potential to hit this threshold was recently highlighted by Egrag, a prominent crypto analyst, using a key indicator that has proved reliable over the years.
In his latest analysis, Egrag called attention to a phenomenon observed with the 100 moving average (MA), the 200 moving average, and the 300 moving average in the 2-day time frame.
#XRP The Next Kabooom 💥💥💥💥💥:
Definition of Kabooom :
Once the 100 MA on 2D Time Frame crosses the 200 MA and consecutively crosses the 300MA.
The first Kaboom pumped #XRP around 47,000% from the cross.
The second Kaboom pumped #XRP around 700% from the cross.
— EGRAG CRYPTO (@egragcrypto) April 28, 2023
Notably, it was observed that whenever the 100 MA breaks above the 200 MA and subsequently crosses above the 300 MA, XRP has always staged a massive rally that has increased its price by unprecedented scales. Egrag dubbed this phenomenon “Kaboom,” seeking to reference explosive growth.
The phenomenon occurred in late 2017 and ultimately resulted in a 47,000% surge in XRP’s value. The rally spilled into the first few months of 2018, leading to XRP’s all-time high on Jan. 4, 2018. This remains the biggest rally from XRP to date.
The bullish cross was also observed in early 2021 at a time when XRP had plummeted from its 2018 highs and was trading below the $0.3 price territory. Notably, XRP surged from a $0.22 price in January 2021 to a high of $1.96 in April 2021, marking a massive 763% increase in 3 months.
XRP Could Soon Observe the Cross
XRP has only witnessed two such massive surges since its inception, and the cross immediately preceded both surges. Egrag pointed out that the cross is about to happen again, and the asset’s price could skyrocket by 300%, 3,000%, or 30,000% without stating a fixed rate.
Instead, he allowed his audience to predict what they felt could be the most reasonable rate. Some proponents suggested a 30,000% increase if the Ripple vs. SEC lawsuit ends with a favorable ruling for XRP. It bears mentioning that XRP’s dramatic 760% surge in April 2021 occurred despite the legal pressure from the SEC lawsuit.
Meanwhile, XRP is trading for $0.4792, up 6.16% in the past week. The asset recently recovered from a low of $0.44 on Wednesday. At a time when XRP consolidated at $0.50, Egrag had opined that dropping to the $0.43 territory is possible. He noted that such a drop would be bullish as XRP would plummet to this point so as not to revisit it.
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