spot_img
HomeCrypto NewsMarketProminent Analyst Predicts $80 Price Target Of Next XRP Bull Run

Prominent Analyst Predicts $80 Price Target Of Next XRP Bull Run

Date:

Written By:

Latest News

- Advertisement -

Egrag gives a target for the next XRP bull run.

- Advertisement -

Egrag Crypto has followed up on his prediction of the next XRP bull run with a prediction of the price target of the said bull run.

In a tweet today, the prominent analyst asserted that the asset could soar as high as $80. However, in the short term, Egrag sees the asset clinching the $0.60 price point before plummeting to $0.22.

Recall that Egrag predicted that the next bull run for the asset would kick off on July 1. He based the analysis on the fact that the last bear cycle from the highs ran for 27 months before starting a new bull cycle. The analyst has pointed out that we are in the 21st month of the current bear cycle.

Extending on this analysis, Egrag says that if the market follows the same rhythm as it did in the past, XRP will clinch the $80 price point. By counting the number of candles on the monthly chart shared by Egrag, it places the $80 prediction for May 2024. 

Such a price move represents a 22,902% upside potential for XRP. The asset is exchanging hands for $0.3493 at press time, down 0.76% in the last 24 hours, as it faces resistance at the $0.35 price point.

- Advertisement -

It bears mentioning XRP has started the year positively in terms of institutional inflows, bucking the overall crypto market trend. As reported yesterday, XRP saw $3 million in inflows in the first week, while other major crypto assets like Bitcoin and Ethereum saw millions in outflows.

The asset which Santiment tapped as its crypto pick of the month has also seen an over 38% surge in trading volume today, indicating increased investor interest.

The ruling in the US Securities and Exchange Commission case against Ripple will likely play a pivotal role in XRP’s price trajectory. Coinshares tapped the increasing clarity in the case as the reason for increased institutional interest.

Today Attorney James K. Filan shared the responses to omnibus motions filed by both parties yesterday as the case nears its end. Per the latest scheduling update, both parties will file Daubert motions to exclude expert testimony on January 13.

Filan predicts a ruling will come in Q1 2023.

- Advertisement -

Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

More from Author