Analyst Egrag Crypto suggests that the cryptocurrency XRP could reach $10 in the current market cycle, requiring only a 2.94x increase from its current price.
Current XRP Market Analysis
Currently, XRP is trading at $2.25, but its trading volume has dropped by 17% over the last 24 hours to $5.56 billion. In the past week, it has fallen by 12%, leaving traders and investors uncertain about the market's next move.
Supports for $10 Rally
Egrag Crypto points to past bull runs of cryptocurrencies where Bitcoin surged 21 times and Ethereum 58 times. He argues that XRP can follow a similar trajectory. He highlights that significant progress has already been made, as XRP climbed from $0.28 to about $3.40 over the past two years. To reach $10, only a 3x to 4x increase is needed. Factors supporting the rally include 17 exchange-traded funds reportedly awaiting approval and the potential resolution of the SEC vs. Ripple case, which could attract sizable investors.
Future Prospects for $100 Target
Egrag Crypto envisions the potential for XRP to hit $100 in the next cycle. He outlines three scenarios: if XRP peaks at $3.40 this cycle, a 30x increase would be needed. If it reaches $10-$20, a 5x-10x surge is required. If it climbs to $27-$33, only a 3x-4x increase is necessary. Importantly, the analyst highlights that crypto adoption is still at only 1.5% of its potential.
In conclusion, analyst Egrag Crypto sees substantial growth potential for XRP, attributed to various factors including anticipated ETF approvals, legal clarity, and increased blockchain adoption across industries.
