Popular cryptocurrency XRP, has the potential to go on a parabolic run, possibly up 7,000% if it can meet certain technical conditions. In this context, EGRAG CRYPTO recently detected a short-term stalemate in the token price.
The analyst noted that XRP is stuck in the range of 21 EMA and 55 EMA. Additionally, he emphasized that this level sets the stage for a potential 7,000% increase.
XRP Price View Projection
cryptocurrency analyst EGRAG CRYPTO shared a chart showing his current forecast for XRP. Examining the chart, it seems that the price of XRP is stuck below the 55 EMA, with a risk below the $0.45 level.
According to the analyst, altcoin It may close above the $0.6 level soon. In this case, it will rise above the 21 EMA in the 2-week time frame and should overcome the local resistance level in this process. It is stated.
#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.
NEWS CONTINUES BELOWZooming 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 stated that this setup is vital for a “Mega Move” in XRP price. Additionally, he stated that there is an immediate growth potential of 500% from the current price. This could increase the price of XRP to $2,811.
Parabolic Rally May Come
The analyst highlights an important future scenario for XRP. In this context, breaking the local resistance point can also lead to the completion of a W formation by completing the ascending triangle formation.
Once these conditions are met and XRP rises above $2.8, EGRAG CRYPTO states that XRP has a growth potential of 7,000% from this level.
While this projection may seem quite complex to most people, EGRAG CRYPTO believes that XRP could experience a significant upside in the long term if a unique use case emerges.
XRP maintains its position as one of the slower-growing assets in the crypto market. It is trading at $0.5622, up slightly by 0.82% in the last 24 hours.
This price level comes at a time when Bitcoin has reached a three-year high and XRP has not even reached its highest price last year.
While the market value of XRP was determined as 30,432,165,731 dollars, the transaction volume decreased by 5.49% to 837,714,597 dollars.
You can access current market movements here.
Source : The Crypto Basic