According to popular crypto analyst EGRAG CRYPTO, XRP could be primed for an explosive rise. In a recent analysis on X, the chartist painted a bullish picture for XRP, highlighting its “unparalleled legal regulatory clarity” as a catalyst for a potential 40x or even 50x boom.
This optimism stems from Ripple’s ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). The legal battle is not over, with both parties currently in the penalties phase.
However, the lawsuit has gone in the favour of Ripple so far, with the blockchain company boasting three consecutive victories over the SEC.
To show XRP’s possible trajectories, EGRAG CRYPTO picked $0.28, the lowest price of the current cycle, and presented multiple scenarios.
Scenario A: The first is a 40x surge. According to the analyst, the 40x surge from $0.28 could send XRP to an astonishing $11.
Scenario B: The analyst takes it further to a 50x surge in the second scenario. A 50x surge from $0.28 will send XRP to $14.
Scenario C: He believes XRP can go further when compared to ETH’s previous cycle. In that cycle, ETH surged 58x, and applying this multiplier to $0.28 will place XRP at $16.
Scenario D: The fourth, however, is the lowest target. If XRP replicates BTC’s surge of 21x, it could still reach $5.88, significantly higher than its all-time high.
Ripple’s first big victory came in July when Judge Analisa Torres ruled that non-institutional sales of XRP were not securities sales. This ruling clarified XRP’s security status, causing a surge to its high from last year of $0.93.
This victory also placed XRP as the only altcoin in the U.S. with legal clarity and opened up many partnerships for Ripple, like the company’s discussions with the Australian Freight and Trade Alliance (FTA).
Despite these ambitious targets, EGRAG CRYPTO set a higher one of $27. He noted that this would be a 96x surge from the cycle bottom of $0.28, but affirmed that XRP can achieve this.
He also pointed to an old technical analysis from March 2023 with the same target. XRP is trading at $0.58, up 1% in the last 24 hours due to rumors of the SEC denying spot Bitcoin ETF applications. However, this is more than 2x from the cycle low and XRP could keep this momentum going into the 2024 bull run, and reach EGRAG CRYPTO’s target.
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