Crypto Analyst Predicts 2450% XRP Price Surge Following Bullish Crossover
09 November 2023 - 11:00PM
NEWSBTC
In a detailed analysis, crypto analyst Egrag has forecasted a
remarkable 2450% rise in the XRP price, citing a bullish crossover
in the 2-week XRP market cap chart, where the 21 Exponential Moving
Average (EMA) has exceeded the 55 Moving Average (MA). This pattern
is typically seen as a precursor to substantial price increases.
Egrag, through a post via X, emphasized the significance of
this development: “XRP CONFIRMED KABOOM: […] On the 2-Week Time
Frame, we’ve witnessed an exciting development as the 21 EMA has
crossed over the 55 MA. This bullish crossover historically
signifies the onset of significant price explosions.” Bullish
Crossover Heralds Massive XRP Price Surge The analysis highlights
two previous instances where similar patterns led to significant
price movements. The first, referred to as “Kaboom A,” occurred
between early 2015 and early 2017. During this phase, XRP’s market
capitalization varied between $142.642 million and $349.476
million. Following the bullish crossover of the 21 EMA over
the 55 EMA in the 2-week chart, XRP’s market cap experienced a
significant rise, breaking through the 1.618 Fibonacci extension
level at $2.592 billion and peaking at over $126 billion in January
2018. Related Reading: Ripple CEO Declares Intent To Bring XRP
Battle To Supreme Court From December 2020 to April 2021, there was
a shorter cycle. Again, a bullish crossover of the 21 EMA above the
55 MA in the 2-week chart was seen initially. As a result, the XRP
market capitalization rose from $.7.67 billion to over $88 billion
(and with it the price to $1.96) In the current “confirmed KABOOM
Cycle”, XRP’s market cap is hovering above the $35.235 billion
mark, which again equates to the 0.5 Fibonacci level. At press
time, it stood at $37.516 billion. Delving into the current
situation, Egrag explained: Notably, in the previous ‘Kaboom A’
phase, the Fib 0.5 level acted as a clear launch pad. In the
current ‘Confirmed KABOOM Cycle,’ XRP’s Market Cap is once again
rebounding from Fib 0.5, hinting at an imminent ‘Kaboom Cosmic
Ignition.’ However, XRP’s market capitalization is currently facing
several key levels. Egrag emphasizes the critical nature of the
$51.3 billion market cap, which coincides with the 0.702 Fibonacci
level. A close above this threshold on the 2-week chart could
trigger a significant rally for XRP, or as Egrag puts it: “XRP
closing above the $51.3 billion Fib 0.702 level could be the
watershed moment for our victory.” Related Reading: Third Ever XRP
Bull Signal Is Back: What To Expect Remarkably, Egrag highlights
another crucial resistance level in his chart, a descending trend
line (dashed red line) that has formed since the peak in January
2018. According to Egrag, a breakout above this level could trigger
a rally of more than 2450% (from the current market cap and price).
The final target for the XRP market cap could be the 1,618
Fibonacci extension level at $283.489 billion and the 2,618
Fibonacci extension level at $959.663 billion. The latter would
translate to an XRP price of $17.94. Questions From The Community
In response to questions from the community, Egrag explained the
significance of the $51.3 billion level: “This is a macro resistant
range, because closing multiple weekly candles above this range
means u will never see XRP below this price or in cents, we will
see XRP price only in dollars.” When inquired about the likelihood
of another price test prior to an increase, Egrag conceded,
“Possible but it will be a wicking process while we are sleeping,”
suggesting that any pullbacks could be short-lived. At press time,
XRP traded at $0.6928. Featured image from Kanchanara / Unsplash,
chart from TradingView.com
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024