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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
