XRP currently finds itself at a crossroads, as it has failed to regain the $0.6 mark despite Bitcoin’s recent surge beyond $50,000. The digital asset is trading at $0.55, lingering between two key technical indicators: the 21 Exponential Moving Average (EMA) and the 55 Moving Average (MA).
This price range, highlighted by prominent analyst EGRAG CRYPTO (@egragcrypto), presents a pivotal moment for XRP’s future trajectory. A decisive breakout, particularly above $0.60, could trigger a significant upswing while remaining within the range might lead to a downward correction toward $0.45.
#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
A Mega Move for XRP
Although XRP has managed about a 6% upsurge over the week, EGRAG CRYPTO’s vision extends beyond a simple breakout. He foresees a potential “Mega Move” scenario, triggered by surpassing the $0.60 resistance level and breaching the 21 EMA. This decisive action, according to him, could unlock a remarkable 500% price surge, propelling XRP to a staggering $2.20.
But the journey doesn’t end there. The analyst drew parallels between the current situation and the pre-bull run phase of 2017 when XRP exhibited a similar pattern of being trapped between the 21 EMA and 55 MA. Following the breakout, XRP witnessed a phenomenal 7,000% surge, skyrocketing from $0.0302 to $2.00.
The analyst posits that this historical precedent suggests the potential for an even more dramatic ascent after it reaches the anticipated $2.20 mark. He envisions a further 7,000% climb, catapulting XRP to $139, farther above its price all-time high of $3.84.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Are These Targets Feasible?
Another analyst recently predicted a huge breakout for XRP, and while these predictions seem audacious, EGRAG CRYPTO grounds them in technical analysis and historical context. He points out that XRP is completing a W formation on the 2-week chart, which coincides with the ascending triangle pattern forming as the token attempts to break free from the 21 EMA and 55 MA.
Another factor supporting this surge is the growing market interest in XRP, evidenced by a 14.59% spike in trade volume over the past 24 hours. This increased activity positions the digital asset as the seventh largest asset by 24-hour volume, with a volume of $1.8 billion, indicating potential anticipation among investors for an upcoming price movement.
Meanwhile, another prominent analyst recently predicted an even larger upswing for XRP based on three bullish signals. All signs point toward massive surges in XRP’s future, and 2024 could be a spectacular year for the digital asset.
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