Recently, crypto analyst EGRAG CRYPTO (@egragcrypto) highlighted that XRP has been in an accumulation phase for 68 months. He anticipates a potential 27x surge from XRP’s all-time high assumed to be $3.3 to reach an impressive $90.
EGRAG CRYPTO provides his analysis in a post on X. His analysis is based on XRP’s past behavior which shows extended periods of consolidation/accumulation before a substantial breakthrough.
He provides a chart that shows a monthly timeline with the accumulation zones highlighted just before the price surges. He also marks a potential price surge coming from the current accumulation zone.
#XRP The Power of 27 X !!!!!!!🚀🚀🚀🚀🚀🚀🚀
A technical principle states, "The longer the consolidation, the stronger and lengthier the ensuing breakout." This post delves into that idea!
We're here to analyze #XRP's price behavior on a monthly timeline.
Let's look at the… pic.twitter.com/cUAurHqcS5
— EGRAG CRYPTO (@egragcrypto) September 19, 2023
The chart shows that there have been four significant price surges so far with accumulation zones of different lengths. The first price surge shows a 3x price increase, preceded by a 3-month accumulation zone. This phase lasted from September to October 2013.
The second price surge was a 2x increase, coming after a 7-month accumulation. This phase ran from May to November 2014. The third price surge was 14x and came after 27 months of accumulation between December and March 2017.
The fourth price surge saw an 8x rally after 7 months of accumulation. This phase was between May and December 2017. This gives a total accumulation period of 44 months across the first four zones with a 27x price increase, giving an average of 6.75x every 11 months.
The 68-Month Accumulation Phase
EGRAG CRYPTO drew attention to the current extended accumulation phase. This phase has gone uninterrupted for 68 months and is the longest for XRP. He suggests that XRP has been building momentum, and laying the foundation for a market-shaking bull run.
He states, “The longer the base, the higher the rise.” Using $3.3 as XRP’s all-time high, he did some calculations and provided assumptions of what could happen soon.
Read Also: Google Bard Predicts When XRP Price Will Hit $5, $20, and $50
The first assumption envisions a 27x surge from the all-time high, propelling XRP to almost $90, specifically, $89.1. The second assumption is more conservative, predicting a 6.75x increase, taking XRP to approximately $22. The third assumption predicts a 2x multiplier from the all-time high, reaching $6.6. The fourth assumption is a 14x multiplier, resulting in a price of $46.
Tara (@PrecisionTrade3) replied, stating that XRP would just follow Bitcoin (BTC) in the end. EGRAG CRYPTO pointed out that the macros show that the next bull run will not be speculation, but will be driven by utility.
Tara highlighted that many cryptocurrencies would be in trouble if the next bull run was based on utility. EGRAG CRYPTO agreed, stating that many cryptocurrencies would go to zero. However, a financial expert has recently argued that utility won’t drive up XRP’s price.
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