Renowned crypto analyst Egrag predicts an extraordinary surge in the price of XRP, envisioning a staggering 28,250% price increase to an ambitious target of $144 per coin. This bold forecast comes amid a recent trend of whale accumulation, indicating growing confidence in the digital asset.
XRP has encountered a retracement that caused it to lose a significant portion of the gains made on July 13. Despite this setback, industry experts maintain optimistic views regarding the asset’s long-term prospects. Among them is Egrag, a prominent crypto analyst who steadfastly holds onto his groundbreaking price projection for XRP.
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Analysis Based on the Alligator Jaw Indicator
Egrag’s analysis centers around a technical indicator known as the Average Sentiment Oscillator (ASO), colloquially referred to as the Alligator Jaw. By closely examining historical data, Egrag identifies intriguing trends associated with this indicator.
A noteworthy pattern emerges from Egrag’s examination of the ASO indicator. Significant price movements occur when the Light Blue Line crosses above or below the Pinkish Line. Whenever the Light Blue Line ascends above the Pinkish Line, XRP experiences a substantial surge. Conversely, when the Pinkish Line crosses above the Light Blue Line, XRP undergoes a price decline.
This consistent trend has persisted since 2017, serving as a reliable framework for analyzing XRP’s price fluctuations. Notably, the occurrence of a bullish cross in 2017 led to an astounding 55,000% price surge, propelling XRP to an all-time high in January 2018.
However, subsequent to this high, the Light Blue Line began descending while the Pinkish Line ascended. In mid-2018, these lines intersected, and the Pinkish Line crossed above the Light Blue Line, triggering a drop in XRP’s price.
Interestingly, the bullish pattern resurfaced in 2021, resulting in a substantial 1,500% increase in the price of XRP. In April 2021, XRP rallied to $1.9669 before experiencing a subsequent price decline.
A Promising Bullish Cross
Once again, following the recent price decline, the bullish cross is poised to occur. Egrag initially drew attention to this pattern back in February, and despite XRP’s recent setbacks, the Alligator Jaw is closing in on confirmation.
#XRP Loading a 28,250 PUMP!!!!😱😱😱😱😱
Hold onto your hats #XRP enthusiasts!
It's time to revisit the game-changing post from February 25th, 2023, that has everyone buzzing with excitement. 😎📅 Check out the mind-blowing tweet [https://t.co/MikTNBdM6J]
Witness the… pic.twitter.com/Gg1a0a2roo
— EGRAG CRYPTO (@egragcrypto) August 19, 2023
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Egrag’s daring projection captures the imagination of experienced traders and newcomers alike. However, it’s important to note that Egrag has not provided a specific timeframe for this potential price rally.
To grasp the significance of this projected surge, consider that a 28,250% increase from XRP’s current value of $0.5121 would result in an astonishing price of $144.67 per coin.
Resurgence after Recent Downturn
Egrag’s latest analysis emerges in the wake of a notable recovery campaign led by XRP following its recent downturn. Although the asset experienced a retracement erasing much of the gains achieved on July 13, the overall sentiment surrounding XRP remains optimistic. Furthermore, whales have begun accumulating more tokens, with over 221 wallets now holding a total of 16 billion XRP.
This impressive accumulation by whales signifies their confidence in XRP’s potential and adds weight to Egrag’s ambitious prediction of a remarkable price surge in the future.
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