Huge Ripple (XRP) Bull Run Incoming? Analyst Chips in on Potential 500% Increase

XRP’s price increased above $0.57 in the past 24 hours, but the bulls were unable to sustain the pressure, and the sellers took it down to where it currently trades at around $0.56.

Still, this marks a notable increase of upwards of 10% since February 9th, when the cryptocurrency was trading below $0.52.

XRP has always been a subject of considerable speculation, and this time is no different. A popular analyst who goes by the Twitter handle EGRAG CRYPTO recently shared their outline, outlining that XRP might be on the verge of a “mega move.”

In essence, the analyst shared the following charge, saying that it “presents a potentially life-changing opportunity.”

Breaking down this otherwise complicated composition, the trader said:

On a closer view, XRP’s 2-week candle appears to be caught between the 21 EMA and 55 MA. The downside risk is 0.45c, but closing above 0.60c is crucial as it would mean closing above the 21 EMA on the 2-week timeframe, along wiht surpassing the local resistance lvel in candle style.

EGRAG CRYPTO continued to explain that the above could be a prelude to a “mega move” that “occurs once in a lifetime.”

The analyst outlines that if the above happens, it would complete a “W” formation and finalize an ascending triangle formation. This could potentially signify an increase to the tune of 500% from the current price.

And here comes the kicker:

The idea of a 7000% move from $2 might seem incomprehensible to 99% of people, but once utility kicks in, it could just be the beginning of a multi-decade trend.

EGRAG is not the only bullish analyst on XRP. We have recently created a video on some of the more interesting XRP price predictions for this year. You can find it below: