XRP, the native cryptocurrency of Ripple, has seen a notable increase in price over the past 24 hours, reaching above $0.57. However, this surge was short-lived as the bulls failed to sustain the pressure, causing the price to drop back to around $0.56. Despite the volatility, XRP has experienced a rise of over 10% since February 9th when it was trading below $0.52.
XRP has always been a subject of considerable speculation, and it seems that this time is no different. A popular analyst, known as EGRAG CRYPTO on Twitter, recently shared their thoughts, suggesting that XRP may be on the brink of a “mega move.” According to the analyst, this presents a potentially life-changing opportunity for investors.
Potential Price Patterns
Taking a closer look at XRP’s 2-week candle, the analyst notes that it appears to be caught between the 21 EMA (Exponential Moving Average) and 55 MA (Moving Average). The downside risk is identified at 0.45c. However, the analyst highlights that closing above 0.60c is crucial as it would mean closing above the 21 EMA on the 2-week timeframe and surpassing the local resistance level.
The analyst goes on to explain that this could potentially be the prelude to a “mega move” that occurs once in a lifetime. It is suggested that if this scenario plays out, it would complete a “W” formation and solidify an ascending triangle formation – both bullish signs. If this bullish pattern continues, XRP could see a significant increase of up to 500% from its current price.
The idea of a 500% price increase might seem incomprehensible to many, especially considering the current price of XRP. However, the analyst believes that once utility kicks in, it could just be the beginning of a multi-decade trend. This suggests that XRP has significant potential for growth and may be undervalued at its current price.
A Community of Bullish Analysts
EGRAG CRYPTO is not the only analyst with a bullish outlook on XRP. Several experts have shared their thoughts on the potential price trajectory of the cryptocurrency. In fact, there are numerous videos and articles outlining various price predictions for XRP in the coming year.
XRP is generating excitement among analysts and investors alike, with the potential for a “mega move” on the horizon. While the future is uncertain and cryptocurrency markets are notoriously volatile, the bullish outlook for XRP suggests that there may be significant upside potential for those willing to take the risk. As always, it is important for investors to conduct their own research and consider their risk tolerance before making any investment decisions.