What can drive XRP higher, and a 7000% Potential Breakout

The potential for a significant breakout in XRP’s price chart has recently been emphasized by analyst EGRAG Crypto. Despite its initial complexity, a closer examination of the chart suggests the possibility of a remarkable 7,000% surge.

Upon zooming in on the two-week candles, XRP finds itself sandwiched between the 21 EMA and 55 MA. While there is a downside risk of 0.45c, achieving a decisive close above the 0.60c resistance holds paramount importance.

EGRAG emphasizes that overcoming the 21 EMA in the two-week timeframe could pave the way for a substantial “mega move” — the kind of breakout that occurs once in a lifetime. So, what factors could propel XRP to higher levels?

Several factors contribute to this possibility. Firstly, surpassing 0.60c would complete a significant “W” bottom formation in the price. Secondly, it would confirm the formation of an ascending triangle, indicative of accumulation.

This move alone could potentially drive XRP up by 500% from its current values. However, EGRAG suggests that, under the right conditions, this breakout is just the prelude to a potential 7000% explosion over the years.

The rationale behind this projection is that as meaningful utility accumulates for Ripple and XRP, network activity is expected to drive value accumulation over decades through widespread adoption. Past utility-driven breakouts in cryptocurrencies, such as Ethereum, have already demonstrated this playbook.

If the identified technical levels are successfully overcome in the coming weeks, an initial sharp rebound towards old all-time highs seems probable. According to EGRAG, the real opportunity lies in the subsequent utility-fueled hyper-rally, potentially delivering up to 7000% gains from the new baseline.

While a 7000% increase may seem ambitious to many, the analysis underscores how XRP is uniquely positioned for this scenario. Despite years of perceived slow action, current conditions suggest that this might be the calm before the storm for many XRP holders.

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