Renowned crypto influencer and XRP enthusiast Egrag Crypto remains bullish on XRP following his latest shared insight into the token’s future price movement. The crypto analyst took to his X handle to make some revelations about the XRP price trajectory, likening it to a concept termed the “Lollapalooza Effect.”
Notably, the Lollapalooza Effect was a notion minted by the crypto investor Charlie Munger, which describes a scenario whereby ten factors, including psychological and behavioral, unite to exert significant effects on digital assets’ price movements.
Read Also: Jeremy Hogan: SEC Faces Another Loss As No XRP Holder Lost Money Because Ripple
According to Egrag, XRP seems to be experiencing a similar effect described above. In his latest analysis, the chartist deduced a possible XRP price target by adopting the Lollapalooza Effect.
#XRP Lollapalooza Effect🪄🦄 – Charlie Munger:#XRP potentially undergoing the Lollapalooza Effect, coined by investor Charlie Munger, indicates a convergence of psychological and behavioral factors resulting in a significant impact. Munger introduced this concept to describe… pic.twitter.com/hqZItkdy8c
— EGRAG CRYPTO (@egragcrypto) November 11, 2023
Egrag Highlights Ten Behavioural And Psychological Factors
Among the psychological and behavioral factors spotlighted as the main drivers of XRP’s futuristic price movement, Egrag enlisted XRP’s stance with the United States Securities and Exchange Commission (SEC) as the most important determinant.
The other two factors on Egrag’s list are related to XRP’s rising adoption, which has been impressive in the past few months.
It is worth noting that after scoring remarkable victories against the SEC in the law court, XRP seemed to soar in use cases as most financial firms appear to have recognized XRP’s upper hand in the judiciary procedure.
Among XRP’s numerous adoptions, the token’s approval as the first virtual asset by the Dubai Financial Services Authority (DFSA) remains one of the most recent and outstanding evidence of XRP’s rising adoption.
Aside from the above-described factors, other driving forces included in Egrag’s list are interoperability, improving retail and institutional sentiment, liquidity and market depth, etc.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: If You Invested $2,000 in XRP Five Years Ago, Here’s How Much You Would Have Now
Stage Being Set For XRP $90 Price Ascent?
Per one of our old publications, Egrag spotlighted XRP as being trapped in a 68-month accumulation that would culminate in the digital asset spiking 27X from a $3.3 price level to $90.
Notably, the above prediction, projecting XRP to the $90 price tier, was an old prediction; it remains to be seen if the factors listed in Egrag’s latest tweet have any connection with the $90 XRP price forecast.
Meanwhile, at the time of writing, XRP is changing hands at $0.662073, boasting a market capitalization of $35,515,764,487 with a trading volume of $911,550,428. XRP is ranked fifth via market capitalization.
Follow us on Twitter, Facebook, Telegram, and Google News
