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XRP is on a mild but visibly bullish leash as its price has jumped by 0.6% in the past 24 hours to $0.6212, per data from CoinMarketCap. Drawing on this trend, top market analyst EGRAG CRYPTO has issued an ultra-bullish projection for the digital currency, projecting a potential surge as high as 900% in the long term.
Bullish XRP analysis
To begin his analysis, EGRAG CRYPTO noted that historical trends are signaling an imminent runup to a price with 6x to 10x gains. Per the XRP two-week price chart he shared, the valuation of XRP recorded a breakout of about 902.85% sometime around 2017, when the 21 EMA crossed above the 55 EMA.
This setup in 2017 saw the coin jump from around $0.007 to $0.0646, and the set-up seems to be playing out again. Describing the two potential price targets if history comes calling, EGRAG CRYPTO noted that XRP could soar as high as 900% to $5.5, and on a more conservative note, he projected that the coin could soar by 584% to $4.
#XRP Guaranteed 6X to 10X! 👊🤝
— EGRAG CRYPTO (@egragcrypto) March 28, 2024
Historical data serves as the blueprint for future movements.
Let's dive into the minimum and shortest pumps observed when the 21 EMA crosses the 55 MA on 2W TF.
1) Green: 900% --> $5.5
2) Blue: 585% --> to $4#XRPArmy GET READY! 🚀🚀🚀🚀🚀🚀🚀 pic.twitter.com/jmdrHDRnuM
EGRAG is one of the analysts that are most bullish on XRP, often sharing technical and fundamental analyses that show the coin’s breakout is imminent.
Visible XRP catalysts and headwinds
Unlike most assets, like Bitcoin, which has recorded a new all-time high (ATH) above $73,000 this month, XRP is still down by 83.6% from its highest spot price of $3.84.
The yet-to-be-concluded XRP lawsuit marks a major headwind for the coin and Ripple Labs Inc. However, should there be a positive end to the suit amid the almost $2 billion demand from the United States Securities and Exchange Commission (SEC), XRP may gain a major boost that will see its price jump higher.
Notably, EGRAG CRYPTO’s thesis, alongside other market analysts on XRP’s growth, hinges on the role of digital currency in facilitating payments, a feature with enormous growth projections in the long term.