XRP, the native token of Ripple, is currently stuck in a tug-of-war between two key technical indicators: the 21-day and 55-day Exponential Moving Averages (EMAs). While this may seem like a stagnant situation, top analyst EGRAG believes it’s a pivotal moment, potentially leading to a 7,000% price surge for the token.
EGRAG highlights XRP’s recent 3.39% rise, riding the wave of Bitcoin’s rally. However, the token hasn’t quite breached the crucial $0.60 mark, currently trading around $0.57. This hesitant climb is attributed to its position between the 21 EMA and 55 MA.
According to EGRAG, a breakout above $0.60 would be a “Mega Move”, marking a decisive shift in XRP’s trajectory. This surge would not only push the token above the 21 EMA but also complete an ongoing W formation and an ascending triangle pattern, two bullish technical indicators.
The initial “Mega Move” is predicted to propel XRP to a staggering 500% gain, reaching a price of $2.2. But EGRAG doesn’t stop there. He believes this is just the beginning, with a 7,000% surge ultimately taking XRP to a mind-blowing $139.1. This would not only shatter its current All-Time High (ATH) of $3.3 but also represent a 4,112% increase from that peak.
From $0.03 to $2.0: Could History Repeat for XRP with a 7,000% Surge?
To support his bold prediction, EGRAG draws parallels with the 2017 bull run. Back then, XRP also experienced a similar struggle between the 21 EMA and 55 MA before breaking out and skyrocketing 7,000% from $0.03 to $2. He sees this historical pattern repeating, with the current breakout potentially triggering another explosive rally.
Adding to the excitement, XRP’s recent trade volume has spiked by 28%, indicating growing market interest. This surge in activity positions XRP as the seventh largest asset by 24-hour volume, further fueling speculation about a potential price surge.
It’s important to remember that these are just predictions, and the cryptocurrency market is notoriously volatile. While EGRAG’s analysis is intriguing, investors should always conduct their own research and consider their risk tolerance before making any investment decisions.
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