EGRAG, the popular name of the XRP community, hinted at the upcoming new movement and called it “3. “Kaboom” gave. EGRAG’s analysis expects an increase in market value.
EGRAG closely examines XRP’s monthly price movements, focusing on its relationship with the 21 Exponential Moving Average (EMA). The altcoin price remained close to this average, resulting in relatively quiet monthly candles.
#XRP Market Cap – The 3rd Kaboom 💥💥💥
Let’s dive into the Monthly Time frame and observe how price action interacts with the 21 EMA. 📊
NEWS CONTINUES BELOWthe #XRP price has been dancing around the 21 EMA for quite some time, forming several shy monthly candles. But when the Kaboom or God… pic.twitter.com/asxdBYd3h7
— EGRAG CRYPTO (@egragcrypto) May 3, 2024
NEWS CONTINUES BELOW
According to EGRAG, the most important event to watch is what it calls “Kaboom” or “God Candle”. This event usually signals a significant shift in market sentiment and can strongly influence the direction of XRP’s price.
XRP Market Value Will Reach $2.61 Trillion
Looking at previous “Kaboom” events on XRP’s monthly chart, important milestones stand out. The first “Kaboom” saw its market cap rise from $142.66 million to $2.59 billion, matching its all-time high of $3.60 in 2017.
Then, the second “Kaboom” of 2021 occurred when XRP reached a market cap of $13.56 billion. The price almost reached its previous peak at $3.45 after a correction.
Now, EGRAG has found that a potential third “Kaboom” has formed on XRP’s monthly chart, with its market cap currently at $28.25 billion. The analyst claims that the altcoin could increase its market value from $283.4 billion to $2.61 trillion in the future.
Currently, on the hourly chart, XRP is forming a local support level near $0.49. If the daily closing price approaches or exceeds $0.5105, there is a potential for a break above the resistance targeting $0.53.
Alternatively, if the price remains well above $0.53, the uptrend could strengthen and potentially push XRP towards the $0.58-$0.62 range by the end of the week. As of now, XRP is trading at $0.52, up slightly in the last 24 hours, with a market cap of $28.49 billion.
