A crypto analyst has revealed a timeframe for XRP, the native token of the XRP Ledger (XRPL) to witness a substantial 102,590% rally. If this price surge occurs, XRP’s current modest value could skyrocket to an impressive $500 during this bullish cycle, albeit under certain conditions.
Analyst Foresees XRP Surging By 102,590%
In an X (formerly Twitter) post, on June 10, a crypto analyst identified as ‘Egrag Crypto,’ shared a detailed price chart depicting when XRP will surge to new all-time highs this bullish cycle. The analyst projected an astonishing price increase for XRP, revealing that the cryptocurrency could witness a 102,590% surge to a price peak of $500.
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In his price chart, Egrag Crypto revealed that XRP could see a gradual price increase to $500. He pinpointed several price targets using different trend lines, highlighting a potential price surge to $6, $20, 60, $180 and then a $500 top.
The analyst also disclosed a slight catch in his ambitious price forecast. From his analysis, he unveiled two major timelines for XRP to reach his predicted price target, emphasizing the possibility of the cryptocurrency following two distinct cycles – the Blue Cycle and the Green Cycle.
Egrag Crypto indicated that if XRP follows the Blue Cycle, then it could potentially witness a price increase to its cycle top by July 2024. The Blue Cycle represents the 39-month period (1,186 days) during which XRP climbed to a cycle top of $1.96 in April 2021, following its all-time high of $3.84 in January 2018.
In contrast, if XRP follows the Green Cycle, its price could potentially witness a breakout to the $500 cycle peak by May 2025. In this instance, the Green Cycle refers to the 49 months (1,492 days) between the December 2013 peak of $0.0614 and the XRP’s January 2018 all-time high.
Egrag Crypto has based his predictions on the patterns generated from XRP’s price movements across different price cycles over the previous years. He disclosed that the duration of XRP’s rise to $500 was measured from cycle top to cycle top, utilizing 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 XRP’s momentum has been suppressed by the United States Securities and Exchange Commission (SEC) for too long. The analyst refers to XRP’s ongoing legal battle with the SEC, which started in late 2020 when the regulator filed a lawsuit against Ripple, claiming that the crypto payments company was selling XRP in an unregistered security 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 cryptocurrency’s price remains on a downward trend. Since the beginning of the year, XRP’s value has stagnated while other altcoins in the market have surged considerably. With the lawsuit still ongoing, XRP’s price still maintains a sluggish momentum, trading under $1 for years now.
As of writing, the price of XRP is $0.49, reflecting a 1.29% decline 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 bullish $500 price target for XRP. He has urged the XRP army to remain patient and prepare for July 2024 or May 2025, highlighting that these key dates could change the lives of XRP investors.
Featured image created with Dall.E, chart from Tradingview.com