XRP has shown moderate but steady upward momentum, increasing by about 2% in the past day to a price of $0.6353 (according to CoinMarketCap). Prominent analyst EGRAG CRYPTO sees significant long-term potential, suggesting the possibility of a dramatic 900% surge in XRP’s price.
Historical Patterns and Breakout Potential
EGRAG CRYPTO bases his optimistic projections on historical price patterns. In a post on X, the analyst points to a notable 902.85% breakout in 2017 when the 21 EMA (Exponential Moving Average) crossed above the 55 EMA on the two-week price chart.
Read Also: Analyst Projects 7,000% XRP Rally To $139 if it can Breach This Key Resistance
The technical setup resulted in XRP skyrocketing from $0.007 to $0.0646. A similar pattern now suggests the potential for a 584% to 900% upward explosion, which could propel the digital asset to $5.50. The analyst is known for a bullish stance on the cryptocurrency and frequently provides analyses supporting its growth potential.
#XRP Guaranteed 6X to 10X! 👊🤝
Historical data serves as the blueprint for future movements.
Let's dive into the minimum and shortest pumps observed when the 21 EMA crosses the 55 MA on 2W TF.
1) Green: 900% –> $5.5
2) Blue: 585% –> to $4#XRPArmy GET READY! 🚀🚀🚀🚀🚀🚀🚀 pic.twitter.com/jmdrHDRnuM— EGRAG CRYPTO (@egragcrypto) March 28, 2024
Factors Influencing XRP’s Trajectory
XRP, unlike many assets including Bitcoin, is yet to retest its all-time high of $3.84. It remains down by more than 80%, this performance lag is primarily attributed to the unresolved lawsuit involving Ripple Labs Inc. and the SEC. A favorable resolution of this legal battle, could remove a significant obstacle and trigger positive investor sentiment.
Also, XRP’s payment facilitation capabilities are at the core of its long-term value proposition, aligning with bullish predictions by EGRAG CRYPTO and other analysts. This use case holds enormous potential, particularly considering the projected growth in the global payments sector.
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Read Also: XRP to $14? Top Analyst Displays Multiple Technical Patterns For Major Breakout
EGRAG CRYPTO offers one of the more bullish projections for future XRP price action. However, beyond the specific EMA crossover pattern identified by the analyst, other technical indicators also point to positive momentum for XRP.
According to data from TradingView, XRP has a Relative Strength Index (RSI) of 51, which suggests that XRP is not currently overbought, leaving room for further upward movement.
While EGRAG CRYPTO’s projection may be particularly optimistic, a growing number of analysts are revising XRP forecasts upwards. This shift in sentiment indicates that the market may be poised for a breakout should favorable news emerge.
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