Crypto Analyst Predicts XRP Price Will Rally 102,590% To $500, But There’s A Catch

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As a researcher with a background in cryptocurrency and finance, I find the analysis by Egrag Crypto intriguing, albeit speculative. The potential for XRP to surge by 102,590% to $500 during this bullish cycle is an exciting prospect, but it’s essential to remember that such a price increase would depend on various factors, including regulatory clarity and market sentiment.

As a crypto analyst, I’ve identified a potential timeframe for XRP, the token powering the XRP Ledger (XRPL), to experience a significant price surge of 102,590%. This represents an unprecedented rally from its current value, which could catapult XRP’s price to an impressive $500 during this bullish market cycle. However, it’s crucial to note that the realization of these conditions remains contingent upon specific market circumstances.

Analyst Foresees XRP Surging By 102,590%

On June 10th, in a post on the now-named X platform (previously Twitter), the crypto expert known as ‘Egrag Crypto’ provided a comprehensive price chart showing when Ripple (XRP) is expected to reach new record highs during this bullish market trend. Impressively, Egrag projected an astounding rise for XRP, predicting that it could experience a mind-boggling increase of 102,590% and eventually reach a price cap of $500.

As a crypto investor, I’ve been closely monitoring XRP‘s price chart provided by Egrag Crypto. Based on my analysis, I believe XRP could experience a gradual price rise, potentially reaching a peak of $500. I identified several key price levels using various trend lines, indicating the possibility of significant jumps to $6, $20, $60, $180, and ultimately culminating in a surge to $500.

The analyst shared some important information along with a minor caveat about his optimistic projection for XRP‘s price. Based on his study, he identified two significant milestones in XRP’s journey toward reaching his projected price goal. He highlighted that XRP might traverse two separate growth patterns – the Blue Pattern and the Green Pattern – illustrating the potential for the cryptocurrency to experience unique trends during each phase.

Based on the analysis by Egrag Crypto, if XRP adheres to the “Blue Cycle” pattern, it may experience a significant price rise and reach its cycle peak around July 2024. The Blue Cycle refers to the approximately 39-month duration (1,186 days) during which XRP surged to its highest point of $1.96 in April 2021, following its all-time high at $3.84 in January 2018.

If XRP aligns with the “Green Trend,” its price has the possibility to surge towards the $500 peak reached in January 2018 by May 2025, based on the previous cycle’s duration of approximately 49 months (1,492 days) between its December 2013 peak and the all-time high.

Expert: Egrag Crypto has derived his forecasts by analyzing XRP‘s price trends during various price swings over the last few years. He revealed that the timeframe for XRP reaching $500 was calculated from peak to peak, employing this methodology to set a lofty price objective for the cryptocurrency.

Momentum Suppressed By The SEC?

Crypto expert Levi Rietveld expressed in a recent post on X that the progress of XRP has been held back by the US Securities and Exchange Commission (SEC) due to the prolonged legal dispute between the SEC and Ripple. The controversy emerged towards the end of 2020 when the regulatory body filed a lawsuit against Ripple, alleging that they had illegally sold XRP as an unregistered security offering.

Although Ripple achieved a partial win in court with Judge Analisa Torres deciding that XRP‘s programmatic sales did not classify as securities, the cryptocurrency’s value continues to decline. Compared to other altcoins in the market that have experienced significant growth since the beginning of the year, XRP’s worth has remained stagnant. Due to the ongoing lawsuit, XRP’s price maintains a slow pace, currently trading below $1 for an extended period.

From my perspective as a researcher, I’d like to share some current insights about XRP. The coin is priced at $0.49 right now, representing a 1.29% drop in value over the last week based on data from CoinMarketCap. It’s essential to note that the outcome of the SEC lawsuit against Ripple could significantly influence the future price trend for XRP.

Crypto Analyst Predicts XRP Price Will Rally 102,590% To $500, But There’s A Catch

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2024-06-18 02:10