XRP could rally by 28,250% to an ambitious $149 price, prominent crypto analyst Egrag forecasts amid a recent trend of whale accumulation.
XRP is facing a retracement that has seen it shed off most of the gains of July 13. However, experts remain confident in the asset’s long-term prospects. One such pundit is Egrag, a notable crypto analyst, who holds onto his 28,250% price prediction for XRP.
This projection builds upon his earlier analysis posted on February 25 and underscores his unwavering confidence in the long-term trajectory of XRP.
#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
Egrag’s analysis centers around a technical indicator known as the Average Sentiment Oscillator (ASO), colloquially called the Alligator Jaw. Egrag called attention to interesting trends observed with the ASO indicator, citing historical data.
Notably, each time the Light Blue Line crosses above the Pinkish Line, the price of XRP witnesses a massive pump. However, when the Pinkish Line crosses above the Light Blue Line, XRP observes a price dump.
This trend has continued since 2017, providing a reliable standard for analyzing XRP’s price movements. Interestingly, the Light Blue Line crossed above the Pinkish Line in 2017. The bullish cross resulted in a 55,000% price pump, leading XRP to the ATH of $3.31 in January 2018.
However, the Light Blue Line started to drop afterward, and the Pinkish Line began facing a move up. These lines converged in mid-2018, with the Pinkish Line crossing above the Light Blue Line. This cross resulted in a drop in XRP’s price.
Interestingly, the bullish pattern played out again in 2021, leading to a 1,500% increase in XRP’s price. XRP rallied to $1.9669 in April 2021. Similarly, a price drop immediately followed this rally.
Another Bullish XRP Cross
Following the dump, the bullish cross is once again playing out. Egrag first called attention to it in February. Despite XRP’s recent setbacks, the Alligator Jaw is moving closer to being sealed.
Egrag posits the potential for an awe-inspiring increase of 28,250% by juxtaposing the previous unprecedented price hikes.
This ambitious projection has piqued the interest of seasoned traders and newcomers alike. However, Egrag failed to provide any expected timeframe for this price rally.
To put this percentage increase into perspective, a surge of this magnitude from XRP’s current value of $0.5268 would result in a staggering price of $149.35 for the asset.
Egrag’s latest analysis arrives on the heels of a noteworthy recovery campaign orchestrated by XRP following its recent downturn.
While the asset experienced a retracement that eroded most of the gains of July 13, the overall sentiment remains optimistic. Notably, whales have begun accumulating more tokens as of now top 221 Wallets Now Hold Over 16 billion XRP.