The cryptocurrency world is once again buzzing with excitement as XRP, one of the biggest cryptocurrencies, could be primed for an explosive rally that could skyrocket its price by 300% to 30,000% in the near future. Egrag, a prominent crypto analyst, recently highlighted XRP’s potential to hit this threshold using a key indicator that has proved reliable over the years.
Egrag’s Analysis
In his latest analysis, Egrag called attention to a phenomenon observed with the 100 moving average (MA), the 200 moving average, and the 300 moving average in the 2-day time frame. He observed that whenever the 100 MA breaks above the 200 MA and subsequently crosses above the 300 MA, XRP has always staged a massive rally that has increased its price by unprecedented scales. Egrag dubbed this phenomenon “Kaboom,” seeking to reference explosive growth.
Egrag pointed out that the cross is about to happen again, and the asset’s price could skyrocket by 300%, 3,000%, or 30,000% without stating a fixed rate. Instead, he allowed his audience to predict what they felt could be the most reasonable rate. Some proponents suggested a 30,000% increase if the Ripple vs. SEC lawsuit ends with a favorable ruling for XRP.
XRP’s Historical Rallies
The phenomenon occurred in late 2017 and ultimately resulted in a 47,000% surge in XRP’s value. The rally spilled into the first few months of 2018, leading to XRP’s all-time high on Jan. 4, 2018. This remains the biggest rally from XRP to date.
The bullish cross was also observed in early 2021 at a time when XRP had plummeted from its 2018 highs and was trading below the $0.3 price territory. Notably, XRP surged from a $0.22 price in January 2021 to a high of $1.96 in April 2021, marking a massive 763% increase in just three months.
The Ripple vs. SEC Lawsuit
It bears mentioning that XRP’s dramatic 760% surge in April 2021 occurred despite the legal pressure from the SEC lawsuit. The lawsuit, which was filed by the SEC in December 2020, alleged that XRP was an unregistered security and that Ripple, the company behind XRP, had conducted an illegal securities offering worth $1.3 billion.
The lawsuit was a significant blow to XRP’s price, and it plummeted by more than 60% in just a few days. However, XRP has since rebounded, and many proponents believe that the lawsuit’s outcome could significantly impact XRP’s price. A favorable ruling for XRP could see the asset’s price skyrocket, as many investors are currently on the sidelines due to the legal uncertainty surrounding XRP.
Current XRP Performance
Meanwhile, XRP is currently trading for $0.4792, up 6.16% in the past week. The asset recently recovered from a low of $0.44 on Wednesday. At a time when XRP consolidated at $0.50, Egrag had opined that dropping to the $0.43 territory is possible. He noted that such a drop would be bullish as XRP would plummet to this point so as not to revisit it.
