Egrag, a pseudonymous chartist, has recently emphasized that of all the 22,932 crypto assets in existence, only XRP has the clear legal status of a non-security asset in the United States. He also speculated a market cap of $1.1 trillion for XRP, which implies an estimated price of $125.
Recently, XRP’s market trajectory has been notably downward, mirroring a broader market slump. Positioned as the fifth most valuable cryptocurrency by market capitalization, XRP saw a significant drop in value over the preceding week.
This slump has triggered a flurry of reactions from both the XRP community of enthusiasts and the wider market watchers.
Read Also: Attorney John Deaton States Key Factor To Push XRP Price Beyond $3.84 All-Time High
Unparalleled Regulatory Clarity
Egrag, an esteemed market analyst, also pointed out in a post on X that many are trying to understand XRP’s movement by comparing it with other digital assets.
While assessing the current market dynamics, Egrag said that a large portion of the XRP community tends to undervalue its potential. This opinion is grounded in the judgment of Judge Analisa Torres in the case between Ripple and the SEC where she established that XRP is not a security.
Egrag emphasized the singular position of XRP by stating, “It’s worth reiterating that XRP maintains a unique position as the lone digital asset backed by well-defined legal and regulatory clarity.” Portraying XRP as a trustworthy investment option, he also expressed his positive long-term forecast for the token.
Concurring with Egrag’s view, Digital Perspectives, a top XRP proponent, replied, “There are around 22,932 cryptocurrencies in existence as of March 2023, with a total market capitalization of $1.1 trillion. Only one has legal clarity in the US. #XRP.”
22,932 cryptocurrencies
There are around 22,932 cryptocurrencies in existence as of March 2023, with a total market capitalization of $1.1 trillion.
Only one has legal clarity in the US. #XRP
What do you think will happen? https://t.co/JgmmPbIOiE— Digital PerspectivesPermaBull🪝 (@DigPerspectives) August 22, 2023
Given this exclusive legal position, experts, including Egrag, predict an optimistic future performance for XRP.
Read Also: Here Are Major Reasons Why XRP Price is Facing Downtrend Today
XRP’s Promising Path To $125
Drawing attention to XRP’s price patterns, Egrag introduced a bold future price projection. He recalls the remarkable 2017 rally when XRP jumped from $0.0042 to $2.88, a whopping 68,471% rise. Using this historical data, he suggests that XRP has the potential to touch the $125 mark in the near future.
This would mean a tremendous growth of over 24,000% from its current value. Egrag reasons that the blend of technological advancements related to XRP, coupled with its unrivaled legal clarity, can be the catalysts for such an upward price movement.
At present, XRP is valued at $0.518, according to Coinmarketcap. Recently, it has declined by over 13% in a week and 27% in the last month.
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