The post XRP Price Explosion: Analyst Speculates on a Staggering 300% Surge appeared first on Coinpedia Fintech News
A recent analysis by prominent crypto analyst Egrag suggests that XRP could be on the verge of a staggering price surge ranging from 300% to 30,000%. Egrag’s prediction is based on a key indicator involving the 100, 200, and 300 moving averages (MA) on the 2-day timeframe chart.
The “Kaboom” Phenomenon
Egrag refers to the phenomenon as “Kaboom,” signifying explosive growth. He noted that when the 100 MA breaks above the 200 MA and subsequently crosses above the 300 MA, XRP has consistently experienced a massive rally, boosting its price by unprecedented scales. A similar bullish cross occurred in early 2021 when XRP was trading below $0.3, and the analyst believes that history may repeat itself.
Buyers Gaining Strength
At the time of writing, XRP was trading at $0.477. The cryptocurrency has successfully tested the support at $0.45, and the price has closed in green with every daily candle since. However, to secure a profit, buyers will need to demonstrate even more strength.
Although XRP has seen some growth, it may not yet be poised for a midterm rise. If buyers fail to fix the price above the $0.48 mark shortly, the likelihood of a drop to the support level at $0.4328 increases.
Breaking Key Resistance
XRP’s key resistance stands at $0.55, a level at which the cryptocurrency faced rejection multiple times in March and April. However, the more a level is tested, the more likely it is to break. If buyers can push the price back to this crucial level, a breakout could be on the horizon.
As long as the support at $0.45 holds, the outlook for XRP remains bullish. With the MACD curving up on the daily timeframe, it appears that buyers are eager to see the price move higher. If Egrag’s analysis holds true, XRP may be on the cusp of a dramatic price explosion that could drive its value up by thousands of percentage points.