Another bullish XRP price prediction has emerged that is arguably more optimistic than many are expecting. This time, one cryptocurrency analyst predicts that XRP will use its stored energy for an explosive rally that could send the altcoin soaring to $27, well above its all-time high.
The price of XRP was suppressed during the recent bull run due to a lawsuit from the Securities and Exchange Commission
Cryptocurrency analyst ERGAG CRYPTO recently predicted that XRP is poised for a massive 4,000% price surge. ERGAG made this prediction in Publication X, detailing how such a price rise could actually be possible. According to the analyst, the price of XRP was suppressed during the cryptocurrency’s last big rally in 2021 due to the ongoing SEC lawsuit against Ripple Labs, the creator of XRP.
While Bitcoin and other altcoins were reaching all-time highs, the price of XRP struggled to keep up on fears that a lawsuit could severely impact the future of the project. For example, during this time period, Bitcoin has risen by 23X, and Ethereum has also risen by a whopping 58X.
A federal judge in the United States It has since been identified Automated sales of XRP do not constitute a sale of securities. And now it looks like the lawsuit is over Settlement is on the horizonXRP is ready to make up for lost time and regain this lost energy.
The analyst expects the price of XRP to rise 40 times from its current level to $27 in the subsequent uptrend, which will exactly coincide with the 1.618 Fibonacci indicator from the peak of 2017 to the bottom of 2020.
Source: X
Although the timeline for the next spike is unknown at this time, ERGAG expects this spike to occur around mid-2024.
One day for sure. But the proposal in March-May 2024 would be fireworks.
— Egrag Crypto (@egragcrypto) October 26, 2023
What’s next for XRP?
The entire crypto market He has seen gains Since mid-October, the price of XRP has not been discounted. For example, Bitcoin reached a new yearly high of $35,150. At the time of writing, XRP is trading at $0.547, up 5.73% in the past seven days.
Although its price is relatively low compared to other altcoins, XRP still is One of the strongest In the entire market, it ranks fifth in terms of market value.
ERGAG CRYPTO had some features as well Optimistic forecast for XRP prices in the past. Although the price of $27 seems very exaggerated, XRP It can easily crash through Previous all-time high of $3.84 in the next bull market. The analyst initially predicted that the altcoin may not see a new all-time high By July 2028.
XRP sees slight retracement | Source: XRPUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com