A crypto analyst has revealed a timeframe for XRP, the native token of the XRP Ledger (XRPL), to witness a substantial rally of 102,590%. If this price surge occurs, XRP's modest current value could skyrocket to an impressive $500 during this bull cycle, albeit under certain conditions.
Analyst Predicts XRP to Rise 102,590%
In an X (formerly Twitter) post on June 10, a crypto analyst identified as “Egrag Crypto,” shared a detailed price chart showing when The analyst projected a surprising price surge for XRP, revealing that the cryptocurrency could witness a 102,590% surge to a peak price of $500.
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In its price chart, Egrag Crypto revealed that XRP could see a gradual price rise to $500. He identified several price targets using different trend lines, highlighting a possible price rise to $6, $20, $60, $180 and then a high of $500.
The analyst also revealed a slight error in his ambitious price forecast. From his analysis, he revealed two main timelines for XRP to reach its expected price target, emphasizing the possibility of the cryptocurrency following two distinct cycles: the blue cycle and the green cycle.
Egrag Crypto indicated that if cycle to $1.96 in April 2021, following its all-time high of $3.84 in January 2018.
On the contrary, if December 2013 of $0.0614 and XRP's all-time high in January 2018.
Egrag Crypto has based its predictions on the patterns generated by XRP price movements throughout different price cycles over the previous years. He revealed that the duration of XRP's rise to $500 was measured from cycle to cycle, using this approach to determine his ambitious price target for the cryptocurrency.
Momentum suppressed by the SEC?
Crypto analyst Levi Rietveld indicated in an X post that the United States Securities and Exchange Commission (SEC) has stifled XRP momentum for too long. The analyst is referring to XRP's ongoing legal battle with the SEC, which began in late 2020 when the regulator filed a lawsuit against Ripple, alleging that the crypto payments company was selling XRP in an unregistered securities offering.
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Despite Ripple's partial victory after Judge Analisa Torres ruled that programmatic sales of XRP were not considered securities, the price of the cryptocurrency remains on a downward trend. Since the beginning of the year, XRP's value has stagnated while other altcoins in the market have risen sharply. With the lawsuit still ongoing, the price of XRP still maintains slow momentum, trading below $1 for years.
At the time of writing, the price of XRP is $0.49, reflecting a drop of 1.29% over the past seven days, according to CoinMarketCap. Crypto analyst Egrag Crypto has also confirmed that the results of the SEC lawsuit against Ripple will be a determining factor in his $500 bullish price target for XRP. He has urged the XRP army to be patient and prepare for July 2024 or May 2025, highlighting that these key dates could be life-changing for XRP investors.
Featured image created with Dall.E, chart from Tradingview.com
Source: NewsBTC.com
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