A recent tweet by analyst EGRAG Crypto highlighted the prospect of a significant breakout brewing in XRP’s price chart. While appearing complex at first glance, closer examination reveals the signs of a potential 7,000% pump.
Zooming into the two-week candles, XRP seems to be caught between the 21 EMA and 55 MA currently. Though there is a 0.45c downside risk, managing to close decisively above 0.60c resistance would be crucial.
According to EGRAG, achieving this would mean overcoming the 21 EMA in the two-week timeframe. It could therefore set the stage for a meaningful “mega move,” the type of breakout that presents itself only once in a lifetime.
Also read: Ripple: Investing $1,000 in XRP Could Make You a Millionaire, Here’s How
What can drive XRP higher?
Multiple factors make this a possibility. Firstly, surmounting 0.60c would complete a significant “W” bottom formation in price. Secondly, it would finalize an ascending triangle, suggesting accumulation.
This move alone could drive XRP up by 500% from today’s values. However, the analyst suggests that, given the right conditions, this breakout marks merely the prelude to a 7000% explosion over the years.
The logic is that once meaningful utility accrues for Ripple and XRP, network activity should logically drive value accumulation over decades due to adoption. Previous utility-driven breakouts in crypto like Ethereum demonstrate this playbook already.
Also Read: Ethereum Weekend Price Prediction; ETH Eyes $3,000
Therefore, should the identified technical levels be sufficiently overcome in the coming weeks, a violent rebound toward old all-time highs looks probable initially. As per EGRAG, the real opportunity lies in the subsequent utility-fueled hyper-rally that could potentially deliver up to 7000% gains from that new baseline.
While such a staggering figure appears too high to most, the analysis highlights how XRP is uniquely positioned currently for this scenario to play out. Though many holders feel frustrated after years of slow action, this could be the silence before the storm.
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