The indicator considers previous price movements from XRP that led to surges of 47,000% and 700%.
XRP may be primed for an explosive rally that could skyrocket its price by 300% to 30,000% in the near future. XRP’s potential to hit this threshold was recently highlighted by Egrag, a prominent crypto analyst, using a key indicator that has proved reliable over the years.
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.
Notably, it was 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.
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 3 months.
XRP Could Soon Observe the Cross
XRP has only witnessed two such massive surges since its inception, and the cross immediately preceded both surges. 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.