A crypto analyst has revealed a time frame for XRP, the native token of the XRP Ledger (XRPL) witnessing a substantial rally of 102,590%. If this price increase occurs, XRP will be current modest value could skyrocket to an impressive $500 during this bullish cycle, albeit under certain circumstances.
Analyst expects XRP to rise 102.590%
In an X (formerly Twitter) afterOn June 10, a crypto analyst identified as ‘Egrag Crypto’ shared a detailed price chart showing when XRP will soar to new all-time highs this bullish cycle. The analyst predicted an astonishing price rise for XRP, revealing that the cryptocurrency could see a 102,590% surge to a price peak of $500.
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In its price chart, Egrag Crypto revealed that XRP could see a gradual price increase towards $500. He has identified several price targets using various trend lines, highlighting a potential price increase to $6, $20, 60, $180 and then a top of $500.
The analyst also announced a slight catch in his ambitious price forecast. From his analysis he revealed two important ones timelines for XRP to reach his predicted price target, highlighting the possibility of the cryptocurrency following two different cycles: the Blue Cycle and the Green Cycle.
Egrag Crypto indicated that if 96 climbed. in April 2021, following an all-time high of $3.84 in January 2018.
On the other hand, if XRP follows the Green Cycle, the price could may witness an outbreak to the cycle peak of $500 in May 2025. In this case, the Green Cycle refers to the 49 months (1,492 days) between the peak of $0.0614 in December 2013 and XRP’s all-time high in January 2018.
Egrag Crypto has based its predictions on the patterns that have emerged from it Price movements of XRP in various price cycles in recent years. He announced that the duration of XRP rises to $500 was measured from cycle top to cycle top, using this approach to determine his ambitious price target for the cryptocurrency.
Momentum suppressed by the SEC?
Crypto analyst Levi Rietveld indicates in a X message that XRP’s momentum has been suppressed for too long by the US Securities and Exchange Commission (SEC). The analyst refers to XRP’s Ongoing Legal Battle with the SEC, which began in late 2020 when the regulator filed a lawsuit against Ripple, claiming that the crypto payments company XRP in an unregistered securities offering.
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Despite Ripple’s partial victory afterwards Judge Analisa Torres ruled that the programmatic sales of XRP were not considered securities, the price of the cryptocurrency remains in a downward trend. Since the beginning of the year, XRP’s value has stagnated while other altcoins on the market have risen significantly. While the lawsuit is still ongoing, XRP price still has sluggish momentum and has been trading below $1 for years.
At the time of writing, the price of XRP is $0.49, which reflects a value of 1.29%. reject according to CoinMarketCap in the past seven days. Crypto analyst, Eggag Crypto has that too confirmed that the results of the SEC lawsuit against Ripple will be a determining factor in his bullish $500 price target for XRP. He insisted on it XRP Army to remain patient and prepare for July 2024 or May 2025, emphasizing that these important dates could change the lives of XRP investors.
Featured image created with Dall.E, chart from Tradingview.com