Twitter’s @egragcrypto talked about a high-volume altcoin project that will ‘up 30,000%’ in a new analysis yesterday. The rally will likely follow the SEC lawsuit that hasn’t been settled for years.
Crypto analyst sees 4-digit rally for this altcoin
According to Egrag, XRP price is poised for an explosive rally that could boost its price from 300% to 30,000% in the short term. XRP’s potential to reach this threshold is highlighted by a key indicator with proven reliability.
In his latest analysis, Egrag noted a phenomenon observed with the 100, 200 and 300-day moving averages on the 2-day timeframe. Specifically, XRP often appears to have had a massive rally when the 100 MA moves above the 200 MA and then above the 300 MA.
#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
Egrag called this phenomenon “Kaboom” to reference the explosive growth. This phenomenon occurred in late 2017. It ultimately brought a massive 47,000% growth in the price of XRP. The rally leapt into the first few months of 2018. Later, on January 4, 2018, it led to XRP’s rise to the ATH level. This price action remains XRP’s biggest rally to date.
The bullish cross also occurred in early 2021, when XRP fell from its 2018 highs and traded below the $0.3 price zone. Notably, XRP rose from $0.22 in January 2021 to $1.96 in April 2021. Thus, it marked a massive 763% increase in 3 months.
Crossing approaching on XRP chart
XRP has only witnessed two major surges since its inception. The intersection came just before both fluctuations. Egrag points out that the transition is about to happen again. He also estimates that XRP could skyrocket by 300%, 3,000% or 30,000% without specifying a fixed rate.
Instead, he let his viewers guess what the most reasonable rate might be. Some advocates suggest a 30,000 rally if the Ripple and SEC lawsuit results in a positive decision for XRP. It should be noted that the dramatic 760% increase in XRP in April 2021 occurred despite the legal pressure from the SEC lawsuit.
Meanwhile, XRP is trading at $0.4792, up 6.16% last week. The altcoin recently recovered from the $0.44 level on Wednesday. At a time when XRP was consolidating at $0.50, Egrag had decided that a drop to the $0.43 region was possible. He stated that such a drop would be bullish as XRP would fall to this point to avoid revisiting.
The latest in the SEC-Ripple case
The contention between Ripple (XRP) and the SEC has yet to be resolved. In its latest move, the SEC said that the court will challenge Ripple’s amicus curiae request. Meanwhile, Judge Analysis Torres has requested an extension to June 7 due to holidays and other briefing deadlines. cryptocoin.comWe have included the latest developments from the case in this article.
