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Home»Altcoins»XRP Price Explosion: Analyst Speculates on a Staggering 300% Surge
Altcoins

XRP Price Explosion: Analyst Speculates on a Staggering 300% Surge

2023-05-01No Comments2 Mins Read
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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.

#XRP The Next Kabooom 💥💥💥💥💥:

Definition of Kabooom :
Once the 100 MA on 2D Time Frame crosses the 200 MA and consecutively crosses the 300MA.

The first Kaboom pumped #XRP around 47,000% from the cross.

The second Kaboom pumped #XRP around 700% from the cross.

How… pic.twitter.com/Y4ffyClHIH

— EGRAG CRYPTO (@egragcrypto) April 28, 2023

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.

See also  SUI Price Plummets By 38% In 7 Days

Bullish Outlook

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.

Analyst Explosion Price Speculates staggering Surge XRP
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bitcoin
Bitcoin (BTC) $ 117,524.49
ethereum
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xrp
XRP (XRP) $ 2.72
tether
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bnb
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solana
Solana (SOL) $ 160.35
usd-coin
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dogecoin
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tron
TRON (TRX) $ 0.301149
staked-ether
Lido Staked Ether (STETH) $ 2,934.78
bitcoin
Bitcoin (BTC) $ 117,524.49
ethereum
Ethereum (ETH) $ 2,937.62
xrp
XRP (XRP) $ 2.72
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 684.02
solana
Solana (SOL) $ 160.35
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.196218
tron
TRON (TRX) $ 0.301149
staked-ether
Lido Staked Ether (STETH) $ 2,934.78