XRP may not have had the best start to 2024, but it has had several cryptocurrency analysts and enthusiasts are still bullish on the crypto asset, predicting a possible price surge to new highs.
Popular cryptocurrency analyst Egrag Crypto has made a bold prediction for XRP, indicating a rise to a new peak. Egrag Crypto’s prediction dives into the token’s potential to reach the $2 price point and far beyond.
XRP poised to soar to a new all-time high
In his projections shared on the X platform, the analyst noted that XRP is currently caught between the two moving average indicators, the 21-exponential moving average (EMA) and the 55-moving average (MA).
As a result, Egrag crypto has predicted a potential price increase of 7000% XRP breaks out of the moving averages. However, the expert believes that the rally will occur when the price of XRP reaches $2.2.
If such an increase occurs during the aforementioned price level, it will rise to around $139, according to Eggag. His predictions are backed by historical data, which he uses to highlight a similar trend in the 2017 bull run.
It is notable that before the 2017 bull run, XRP was similarly hedged between the 21 EMA and the 55 MA. On the other hand, XRP initially saw a price spike to $0.0302 after a breakout, then rose 7,000% to the $2 mark.
The analyst has highlighted that about 99% of people may not understand his projections now. Nevertheless, the moment when utilities start to take off could be the start of a trend that will last several decades.
While a breakout from the 21 EMA and 55 MA means a possible rally, there is also a risk of a possible decline. According to Egrag Crypto, this position could lead to a drop to around $0.45.
He further claimed that closing XRP above $0.60 would be crucial, pushing the asset above the 21 EMA. Moreover, it will rise above the level of local resistance in a ‘candlestick style’.
Various factors of the mega movement
After the prediction, Egrag pointed out several aspects that determined his predictions aside. “This could be the prelude to a mega movement, a once-in-a-lifetime outbreak,” he said.
The first aspect highlighted by the analyst is that if the rally happens, XRP would conclude ‘the W-formation’. After that, it could “finalize the formation of the ascending triangle.”
Meanwhile, for the last aspect, he noted that “it could cause a 500% increase” over the current price of XRP. This could potentially cause a large price increase from higher levels. So far, Egrag has urged the crypto community not to be misled by his chart, saying his prediction could be a life-changing opportunity.
Featured image from iStock, chart from Tradingview.com
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