Ripple Could Finally Surge 7000% After This 21MA and 55MA Breakout, XRP Investor Continues Loading Up
Notable cryptocurrency analyst Egrag Crypto (@egragcrypto) posted an insightful technical analysis of XRP’s price chart on Twitter this week.
Egrag Crypto notes that XRP’s 2-week candle appears stuck between the 21 EMA and 55 MA. While the downside risk sits around $0.45, closing above $0.60 is seen as crucial since it would mean overtaking the 21 EMA on the 2-week timeframe and surpassing a key resistance level.
Mega Move Potential
Egrag suggests this range-bound movement could be the prelude to a historic “mega move” breakout for XRP for several reasons:
- It would complete a ‘W’ price formation
- It would finalize an ascending triangle pattern
- This breakout could fuel a 500% price increase from current levels, sparking further gains
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While a 7000% XRP price surge may seem unlikely to many, Egrag argues that once real-world utility kicks in, such exponential growth could just be the beginning of a longer trend. The analyst urges the XRP army to “stay steady” since the XRP Ledger is gearing up to transform global finance.
Large XRP Buy Order Supporting this Bullish Outlook
Lending further credibility to the possibility of an imminent XRP breakout is a sizable buy order recently executed by popular cryptocurrency analyst and trader, Dr. Profit.
In a tweet, Dr. Profit shared that he purchased $500,000 worth of XRP tokens at $0.56. This latest purchase builds upon his existing long-term position in XRP which he began accumulating as far back as January 2021 at an average price of $0.32.
Taking a step back, this strongly suggests that Dr. Profit maintains a highly bullish multi-year outlook on the price performance of XRP. By committing additional capital at the current levels, the trader is signaling a high-conviction view that XRP remains undervalued relative to its longer-term growth potential.
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