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Analyst Foresees Massive Move If This Happens
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XRP may not have had the best start to 2024, but several cryptocurrency analysts and enthusiasts are still bullish about the crypto asset, predicting a possible price surge to new highs heights.
Popular cryptocurrency analyst Egrag Crypto has made a daring prediction for XRP, suggesting a rise to a new peak. Egrag Crypto’s forecast delves into the token’s potential to reach the $2 price mark and way beyond.
XRP Poised To Skyrocket To A New All-Time High
In his projections shared on the X platform, the analyst noted that XRP is presently 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 7000% price rally if XRP breaks out of the moving averages. However, the expert believes the rally will occur when XRP’s price reaches $2.2.
If such a rise occurs during the aforementioned price level, it will increase to about $139, according to Egrag. His forecasts are supported by historical data, which he uses to highlight a similar trend in the 2017 bull run.
It is noteworthy 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 following a breakout, and then it soared by 7,000% to the $2 mark.
The analyst has underscored that about 99% of people might not comprehend his projections now. Nonetheless, when utility starts to take off, it might just be the start of a multi-decade trend.
Even though a breakout from the 21 EMA and 55 MA presents a possible rally, there is also a risk for a potential decline. According to Egrag Crypto, this position could lead to a decline to around $0.45.
He further claimed that XRP closing above $0.60 would be crucial, pushing the asset above the 21 EMA. Additionally, it will rise above the level of local resistance in a “candle style.”
Several Factors Of The Mega Move
Following the prediction, Egrag has pointed out multiple aspects that set his predictions aside. “This could be the prelude to a mega move, a breakout that occurs once in a lifetime,” he stated.
The first aspect highlighted by the analyst is that if the rally takes place, XRP would conclude “the W Formation.” After that, it could “finalize the ascending triangle formation.”
Meanwhile, for the last aspect, he noted that “it could trigger a 500% rise” from the current price of XRP. This might potentially start a big price surge from higher levels. So far, Egrag has urged the crypto community not to be misled by his chart, as his forecast could be a life-changing opportunity.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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