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Here’s How Much Cardano You Need to Be Millionaire if ADA Hits $10 or $100

Albert Brown
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Here’s How Much Cardano You Need to Be Millionaire if ADA Hits $10 or $100

Cardano (ADA) has recently garnered attention with dynamic price moves. Analysts predict $10 or $100, but how much should one invest now to make $1M then?

In recent times, Cardano (ADA) has garnered significant attention due to its dynamic price movements and optimistic forecasts. With analysts projecting ADA could hit $10 or even $100 in the future, many investors are keen to understand the investment required to achieve millionaire status.

ADA at $10

Several analysts believe Cardano could surge to a range between $7.8 and $10. This prediction is supported by historical data, suggesting a significant upward trajectory for ADA. One notable market analyst, Lucid, argues that ADA’s potential to reach $10 could be realized following the upcoming Cardano Chang update. Named in honor of Phil Inje Chang, a former Product Manager for Voltaire at IOHK, this update is anticipated to drive substantial growth.

In a more recent analysis, Martinez emphasized that Cardano is on the verge of a significant bull run, drawing parallels to 2019 when ADA experienced a 50% price correction before rebounding dramatically. According to Martinez, the recent 50% decline might signal a prime buying opportunity, similar to past trends that saw Cardano rebounding by over 4,095%.

As of now, ADA is priced at $0.4675 per token. To reach $1 million if ADA climbs to $10 per token, an investor would need to acquire 100,000 ADA tokens. This equates to an investment of $46,750 at the current price.

ADA at $100

Looking further ahead, some forecasts are even more bullish, with ADA projected to potentially reach $100 within the next two decades. This prediction is backed by sources such as Changelly and Gemini, suggesting that ADA could enter the double-digit price range, reaching between $81.52 and $100.57 per coin.

ADA’s price has had a remarkable 2,600% gain since 2018. This performance has solidified Cardano’s position among the top ten cryptocurrencies by market cap. Despite these gains, analysts maintain that the best is yet to come.

For an investor to become a millionaire if ADA hits $100, a commitment of $4,675 is required today to procure 10,000 ADA tokens. Should ADA reach this target, the investment would yield a return of $1 million.

MIFSA Economist Details XRP Importance, Highlights Ripple Stablecoin as Game Changer 

Abdulkarim Abdulwahab
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MIFSA Economist Details XRP Importance, Highlights Ripple Stablecoin as Game Changer 

Carlo De Meijer, an Economist and Researcher at MIFSA, recently emphasized XRP in Ripple’s initiative to introduce a stablecoin, describing the move as a transformative development.

De Meijer expressed this view in a recent blog published on Finextra on Friday. Pseudonymous XRP community figure WrathofKahneman called attention to the publication in a recent post on X.

In his blog, De Meijer explored Ripple’s stablecoin endeavor and the prospective role of the XRP Ledger (XRPL) ecosystem. The economist highlighted that Ripple’s stablecoin will be pegged to the U.S. dollar on a 1-to-1 basis by a mix of highly dependable assets. 

In parallel, he pointed out that U.S. dollar deposits and short-term U.S. government treasuries will entirely collateralize the stablecoin. It will also be backed by other liquid assets such as top-tier commercial paper or money market instruments.

According to De Meijer, Ripple’s approach aims to guarantee the stability and trustworthiness of stablecoins through transparent and high-quality backing.

Furthermore, the economist pointed out that Ripple is adopting a ‘compliance-first’ approach in launching its stablecoin to adhere to international regulatory norms. He believes this focus on compliance will be crucial for Ripple to maintain its core customer base of institutions and governments.

Moreover, De Meijer noted that to ensure security, Ripple plans periodic reserve audits by a distinguished third-party accounting firm and publicly available monthly attestation reports on its stablecoin reserves. He suggested these reports might reveal details about the banking partners entrusted with asset custody.

Importance of XRP in Ripple’s Stablecoin Move

Contrary to concerns that the stablecoin might overshadow XRP, the economist argued the opposite. He explained that Ripple’s decision to introduce its own stablecoin is a response to the increasing demand for such an asset on XRPL.

Consequently, De Meijer stressed that XRP remains essential: it is a key component of Ripple’s dual-asset strategy of facilitating international payments.

He believes that Ripple’s dual utilization of XRP and the stablecoin could provide combined benefits. This includes the swift processing technology of XRP and the stability and dependability of a stablecoin. 

Overall, De Meijer observed that the introduction of Ripple’s stablecoin aligns with the company’s overarching strategy to boost XRPL. He suggested that the move could significantly transform the dynamics of the XRPL ecosystem.

In parallel, the economist mentioned that the Ripple stablecoin presents an ideal solution for institutions that are not yet ready to adopt crypto assets but are interested in leveraging the capabilities of XRPL.

It is worth noting that Ripple’s stablecoin will first be accessible on XRPL and the Ethereum (ETH) blockchains. Ripple aims to broaden its reach to more blockchains, DeFi protocols, and applications over time.

Shiba Inu: K9 Confirms to Burn 410M KNINE to Honor Vitalik Buterin’s 2021 Shib Burn

Lele Jima
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Shiba Inu: K9 Confirms to Burn 410M KNINE to Honor Vitalik Buterin’s 2021 Shib Burn

The community behind K9 Finance DAO passes a proposal to incinerate 410 million KNINE tokens.

The upcoming burn is K9 Finance’s way of honoring Ethereum co-founder Vitalik Buterin for reducing Shiba Inu’s circulating supply via the burning of 410 trillion SHIB tokens in May 2021.

In a recent X post, K9 disclosed that voting ended on May 18th, with most community members supporting the proposal to burn 410 million KNINE in honor of Buterin.

Proposal’s Voting Result

K9 took the snapshot for the votes at block height 19,862,183. While 81.66% of the total votes supported the proposal to burn 410 million KNINE tokens, the remaining 18.34% were against the initiative.

It bears mentioning that the community surpassed the quorum for the proposal, which required at least 5 billion KNINE. Interestingly, the community splashed 13 billion KNINE voting on the proposal to honor Buterin SHIB’s burn.

As revealed by K9, the 410 million KNINE tokens will be obtained from the marketing allocation of its treasury. Notably, the team behind K9 will send the 410 million KNINE tokens to a dead blockchain-based wallet on May 31st, thus permanently removing them from the circulating supply.

Buterin’s Symbolic SHIB Burn

K9, which became a Shiba Inu partner in February, revealed plans to honor Buterin for making SHIB a crypto behemoth.

Recall that Buterin burned 410 trillion SHIB from the 500 trillion tokens (50% of SHIB’s total supply) he received as a gift from Shiba Inu’s pseudonymous supply on May 16th, 2021.

Furthermore, he allocated the remaining 90 trillion tokens for charitable causes. This symbolic gesture helped put Shiba Inu in the limelight as top crypto exchanges proceeded to list the tokens.

Consequently, Shiba Inu registered an all-time high of $0.00008845 five months after Buterin burned the tokens. At the current exchange rate of $0.00002399, Shiba Inu has fallen 72.87% from its previous all-time high.

Despite Shiba Inu’s massive plunge, several analysts still believe the crypto asset would surpass its previous ATH, potentially hitting $0.001 before the end of this bull cycle.

Giant Whale Accumulates 361,680,560 XRP, Ripple Moves Out 50M XRP

Abdulkarim Abdulwahab
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Giant Whale Accumulates 361,680,560 XRP, Ripple Moves Out 50M XRP

An anonymous XRP address associated with the prominent Japanese exchange Coincheck has acquired over 361 million XRP through a series of inbound transactions.

Whale Alert has raised awareness of the massive movement of XRP assets from Coincheck to an anonymous destination. The latest movement involved 250,000,000 XRP sent from Coincheck’s wallet to the unnamed address under scrutiny. This transaction occurred early today at 05:56 UTC, commanding a monetary value of $129,015,796.

Whale Amassed 361M XRP from Coincheck 

Notably, Coincheck’s XRP movement has garnered significant attention in the crypto community as members ponder the entity behind the destination wallet. A quick scrutiny of blockchain records revealed that the destination of the 250 million XRP is affiliated with Coincheck. 

In particular, the Japanese exchange activated the wallet in February, three months ago. Since then, the wallet with the initials “r99QSej32” has continuously received millions of XRP from Coincheck. The address has had no outflow transaction.

Meanwhile, since its activation three months ago, wallet “r99QSej32” has not received a significant inflow of XRP until this month. Coincheck first sent 1 million XRP to the address on May 9, and four days later, it took a store of 10 million XRP. 

Later, the Japanese exchange again topped up the 11 million XRP balance with 100 million XRP. Notably, other below-a-million XRP inflows from Coincheck have also been observable within the past few days.

With the new 250 million XRP delivered to wallet “r99QSej32,” the anonymous address now commands an XRP balance of 361,680,560 tokens.

Ripple Moves Out 50M XRP

Meanwhile, Coincheck is not the only platform moving millions of XRP to unknown wallets. Just an hour ago, Ripple transferred 50,000,000 XRP worth over $25.7 million to an anonymous destination. 

The latest transaction from Ripple comes a week after the payment firm moved to cash out over $100 million XRP, sending it to an external wallet. The Crypto Basic called attention to Ripple’s sell-off move in a separate report.

It is worth noting that these significant movements are occurring amid XRP registering a 2% loss within the last 24 hours — although the asset has held a positive gain in its weekly performance.

Meanwhile, Whale Alert has documented inflows of over 100 million from anonymous wallets to exchange Bitso and Bitstamp in the last few days.

Is David Schwartz, Satoshi Nakamoto? Ripple CEO Fuels Debate With New Comment

Lele Jima
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Is David Schwartz, Satoshi Nakamoto? Ripple CEO Fuels Debate With New Comment

Ripple CEO Brad Garlinghouse stirs speculations regarding David Schwartz being the real identity behind pseudonymous Bitcoin creator Satoshi Nakamoto.

During a recent podcast, Garlinghouse claimed that some of the developers who created the XRP Ledger (XRPL), the underlying blockchain of XRP, were also early engineers of the Bitcoin network.

According to Garlinghouse, these developers attempted to build a better digital asset to solve some of the problems inherent in Bitcoin, including scalability and high energy consumption. 

Crypto Enthusiasts React 

Garlinghouse’s remarks elicited speculations within the crypto community, with members suggesting that Ripple CTO David Schwartz could be the pseudonymous Satoshi Nakamoto. 

Top crypto enthusiasts, including the Good Morning Crypto podcast host Abdullah “Abs” Nassif, have also fueled this speculation. 

Why Crypto Enthusiasts Think Schwartz Is Nakamoto  

Furthermore, popular XRP community member wEeZiE (@NerdNationUnbox) referred to an earlier X post where they made a similar assertion in 2022. 

In the X post, wEeZiE asked whether Schwartz was one of the four Satoshi Nakamoto who created Bitcoin. The XRP enthusiast shared some events that prompted the query. 

According to wEeZiE, the development of XRP commenced in May 2011, less than a month after Nakamoto posted their last message. 

Additionally, wEeZiE stated that Nakamoto emailed Mike Hearn, revealing plans to move on to other things on April 23, 2011. wEeZiE attached a screenshot from a Forbes article indicating that Schwartz also revealed in early 2011 that he was looking for something new, which later led to the creation of XRP Ledger. It bears mentioning that the XRP Ledger was created by Schwartz, Arthur Britto, and Jed McCaleb. 

According to the article, Schwartz, concerned about the centralized control of money, acquired several Bitcoins during the early days of the asset. 

Like Bitcoin creator, wEeZiE shared a short clip showing that Schwartz also used a pseudonym, “Joel Katz.” Furthermore, the XRP community member pointed out that Nakamoto shared a pre-released version of the Bitcoin code on November 16, 2009, which coincides with Schwartz’s birthday. 

Schwartz Says He’s Likely to Be Satoshi Nakamoto  

At press time, there is no confirmation about the real identity of the Bitcoin creator or whether Schwartz is the likely candidate to be Nakamoto. 

Notable figures, including Australian computer scientist Craig Wright, have laid claims to this identity. However, a federal high court dismissed Wright’s claims earlier this year.  

Despite the court’s ruling, some Bitcoin community members still think Wright will likely be Nakamoto. Reacting to this claim, Schwartz said he is more likely to be Nakamoto than Wright. 

As reported earlier, Nakamoto described Ripple as interested in building its payment system with trust.

Shiba Inu Surpassing $0.01 Is Unlikely, Analyst Reveals Reasons

Albert Brown
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Shiba Inu Surpassing $0.01 Is Unlikely, Analyst Reveals Reasons

Oscar Ramos doubts Shiba Inu (SHIB) will hit $0.01 in 20 years despite projections of gradual growth through 2050 from Telegaon.

Analyst Oscar Ramos recently took to social media to express his skepticism about Shiba Inu (SHIB) reaching $0.01 within the next 20 years, given the current supply dynamics. 

Ramos shared a detailed price analysis snapshot from Telegaon, revealing projections for SHIB’s price from 2024 to 2050. This illustrates a potential but challenging path to substantial price increases.

Projected Price Growth: 2024 to 2050

Ramos shared a snapshot from Telegaon that outlines SHIB’s price progression over several phases. According to data from Telegaon experts, from 2024 to 2027, SHIB is expected to experience initial growth, with minimum, average, and maximum prices gradually increasing. For instance, in 2024, the price range is projected between $0.0000421 and $0.0000601, while by 2027, it could rise to between $0.0000945 and $0.000198. This phase suggests a period of market stabilization and gradual appreciation.

The period from 2028 to 2030 indicates moderate growth, with average prices increasing from $0.000289 in 2028 to $0.000646 in 2030. By 2035, SHIB is projected to reach a notable milestone, with the maximum price potentially exceeding $0.002. This phase could be driven by increased adoption and market confidence.

From 2040 onwards, the projections indicate exponential growth. By 2040, SHIB’s average price might reach $0.076, and by 2050, it could surpass $1.00.

In previous projections, top Bitcoin analysts Jason Williams and Yazan proposed a target of $0.05 for SHIB in this bull market. They predict that SHIB could reach this price if Bitcoin hits $250K to $777K. SHIB would need a 200,703% rally by 2025 to eliminate three zeros from its price. 

While some analysts, like Dona, Eunice Wong, and Bunchhieng, see SHIB’s price possibly reaching $0.000114 this cycle, others suggest a long-term target of $0.05 by 2040. On her hand, Lucie, a Shiba Inu content specialist, remains confident in SHIB reaching $0.01, reflecting ongoing optimism despite the challenges.

However, Oscar Ramos believes that, SHIB cannot exceed 1 cent with the current Shiba Inu Supply.

Community Reactions and Token Burn Efforts

Ramos’ post sparked various reactions from the SHIB community. Oscar V, a long-time SHIB holder, expressed his long-term commitment, planning to hold SHIB for his children’s future, despite the prevalence of rug pulls in the meme coin market. He emphasized his focus on real-world assets (RWA) and well-known meme coins.

 

Notably, recent burn rates suggest community efforts to reduce the token supply and manage SHIB’s value. However, substantial reductions in supply through sustained burn mechanisms are required to impact the token’s price meaningfully.

Analysis of daily SHIB burn statistics provided by Shibburn as of May 19, 2024, highlights significant burn activity. Over 9.8 million tokens were burned within 24 hours, equivalent to $234.84, representing a 579.08% increase in the burn rate.

Market Sentiment and Technical Analysis

Current market sentiment, as reflected in SHIB’s price movements and technical indicators, shows mixed signals. As of the latest data, SHIB trades at $0.00002412, with a 24-hour trading volume of $298,988,854.35. This represents a 2.48% decline in the last 24 hours but an 11.55% increase over the past seven days. The circulating supply of 590 trillion SHIB gives it a market cap of $14.24 billion.

SHIB TODAY
SHIB Price Action

The daily SHIB/USD chart shows price consolidation, with current price movements suggesting market indecision. The Simple Moving Average (SMA) and Exponential Moving Average (EMA) both indicate support around $0.00002409, with resistance near $0.00003000. The Stochastic Relative Strength Index (Stoch RSI) suggests potential overbought conditions, indicating possible short-term price corrections. Only time will tell if the current optimism among analysts and the market sentiment will translate into sustained long-term growth for Shiba Inu.

Shiba Inu Bullish Pennant Set to Propel SHIB to New Highs, Analysts Say

Abdulkarim Abdulwahab
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Shiba Inu Bullish Pennant Set to Propel SHIB to New Highs, Analysts Say

Multiple analysts have identified a bullish pennant on the Shiba Inu chart, outlining the potential for a profit of above 62% soon.

Shiba Inu bulls are encountering significant resistance around the $0.000025 price level. Last week, amid SHIB engineering a mini rally, it barely crossed this range before retreating below. At the last check, SHIB succumbed to bearish pressure, falling behind by at least 5% and hitting an intraday low of $0.00002361.

Despite maintaining positive gains in its 30-day trajectory, Shiba Inu is still struggling to surpass the $0.000025 level decisively.

Meanwhile, prominent market observers are confident that SHIB is counting down from its current consolidation phase. They have forecasted various breakout price targets Shiba Inu holders may look out for soon. 

Incoming 62% Profit for Shiba Inu Holders

Famous Bitcoin analyst Clifton has joined the roster of commentators calling attention to an impending bullish trend for Shiba Inu. In a recent update on X, Clifton highlighted the formation of a bullish pennant on the 24-hour timeframe for Shiba Inu.

For context, a bullish pennant formation signals that an asset is prepared to continue an uptrend commenced much earlier before encountering brief opposition. This formation, resembling a symmetrical triangle, is characterized by consolidating prices, hinting at an imminent breakout.

In Shiba Inu’s case, SHIB had an ongoing uptrend in early March but ran out of steam. It entered a downtrend that took it back to $0.000018 in April. The overall candlestick pattern SHIB established in March translated to the bullish pennant many market watchers have spotted.

Clifton asserted that an upside from the configuration could net Shiba Inu holders a short-term profit of up to 60%.

Shiba Inu 60% Bullish Rally
Image Source: https://x.com/clifton_ideas/status/1792045985465819536

In particular, the accompanying graph proposed that Shiba Inu could rally to the $0.00004 price level at the very least within the next few weeks.

Other Analysts Propose Higher Targets 

On the other hand, analyst Davie Satoshi, who similarly identified a bullish pennant on Shiba Inu’s chart, proposed higher targets of above $0.00005 upon breakout. 

Other market watchers like the pseudonymous “World of Charts” have conveyed similar opinions, identifying $0.00005 as SHIB’s potential target.

Meanwhile, while replying to the analysis, a Bitcoin analyst suggested that SHIB enthusiasts may anticipate the $0.00008 price level next. Another even argued for the potential for a $0.00015 price point by next month. 

Notably, Shiba Inu entering $0.00015 would market a new history for the asset as it represents an uncharted territory.

Notcoin (NOT) Price Forecast: What Next after Binance, OKX Listing Sparked 600% Rally

Mark Brennan
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Notcoin (NOT) Price Forecast: What Next after Binance, OKX Listing Sparked 600% Rally

Notcoin price surged 600% on top exchanges Binance and OKX, which listed the NOT token on May 16. On-chain data shows how liquidity and investor participation skyrocketed after the listing announcement.

What is Notcoin (NOT)?

Notcoin (NOT) is a game embedded in Telegram that has attracted millions of players recently. This play-to-earn game functions as a mini-app within the Telegram messaging platform, where users can “mine” or earn the NOT token.

By March 2024, the game had amassed 35 million total players, with a peak of six million daily active users, making it one of the most popular crypto games.

On May 16, 2024, the NOT token was officially launched and became available on major exchanges such as Binance and OKX.

Why is Notcoin Price Going Up?

Notcoin (NOT) price rallied 600% following its launch on May 16 thanks to increased market liquidity and investor participation triggered by the listing on Binance and OKX.

Santiment’s trading volume chart below depicts the total dollar value of all trades involving a particular cryptocurrency within a given period.

Within 24 hours of being listed, Notcoin surged into the top 10 cryptocurrencies by daily trading volume. As seen in the chart above, Notcoin attracted over $1.2 billion in trading volume within 24 hours of the listing.

That remarkable feat reflects a increased demand for Notcoin as the surge in trading volume quickly sparked a 600% parabolic price rally from $0.001 to $0.0099 on May 16, while its market capitalization peaked at $715.7 million.

Is it too Late to Buy Notcoin (NOT)?

According to the latest trading volume to market cap (TVMC) ratio, Notcoin is still trending in bullish territories. Essentially, the TVMC ratio is calculated by dividing the 24-hour trading volume by the market cap, providing real-time insights into the current market momentum and investor’s active participation rate.

According to the latest market data, Notcoin’s market cap is now trending around $578 million, with a 24-hour trading volume of $214.7 million on May 19. This works out to a TVMC ratio of 37%.

Notcoin Price vs NOT Token Trading Volume | Santiment
Notcoin Price vs NOT Token Trading Volume | Santiment

A higher trading volume to market cap ratio generally indicates that there is significant trading activity relative to the market cap.

This can be interpreted as a sign of high investor interest and can be bullish if the trading is driven by buying interest. Conversely, if the high trading volume is due to selling pressure, it could be bearish.

In this case, a ratio of 37.1% is relatively high, suggesting that Notcoin is still experiencing unusually high trading activity relative to its market capitalization.

However, the overall market trends, fresh ecosystem development, and new listings on other exchanges are other key factors that could determine if Notcoin can remain bullish or flip bearish in the days ahead.

Notcoin (NOT) Price Forecast: Can Binance, OKX Bulls hold $0.005 Support Hold ahead of Coinbase listing?

At the time of writing on May 20, the Notcoin (NOT) price has retraced towards the $0.0056 level, surrendering over 44% of the initial gains recorded when the price surged as high as $0.0099 on May 16. However, with the TVMC ratio still trending in bullish territories, NOT token price will likely hold firm above the $0.0050 support level in the near-term.

Notcoin (NOT) Price Forecast | TradingView
Notcoin (NOT) Price Forecast | TradingView

More so, NOT/USDT Bollinger band on the hourly price chart on TradingView shows that early entrants on May 16 had bought Notcoin at the average price of $0.005. This could could form a major support cluster as investors await Coinbase listing to launch the NOT token into American markets.

But in the event of another leg-up, bears could mount an initial resistance at the $0.006 territory.

BitBoy Hints at Ripple v. SEC Settlement, Expects XRP Price to Explode 

Lele Jima
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BitBoy Hints at Ripple v. SEC Settlement, Expects XRP Price to Explode 

BitBoy speculates that the XRP price would witness a massive explosion as SEC v. Ripple would reach a settlement that could finalize the coin’s non-security status.

Famous crypto influencer Ben Armstrong (a.k.a BitBoy Crypto) expects a potential settlement of the multi-year legal tussle between the U.S. SEC and Ripple.

Armstrong made this known in an interview with Fox News. Notably, popular XRP community member Amelie shared an excerpt of the interview on X yesterday.

XRP Price to Rise After SEC and Ripple Settlement

In the interview, Armstrong, citing sources familiar with the case, said the SEC v. Ripple lawsuit would soon end in a settlement.

“All my sources are saying that we will get a settlement between Ripple and the SEC,” Armstrong remarked.

Following the settlement, Armstrong speculated that XRP would see a huge price explosion as the coin would no longer be considered a security. According to the crypto influencer, XRP would embark on a parabolic run in the first half of the bull run. 

Impact of SEC v. Ripple Lawsuit on XRP

It is common knowledge that the ongoing Ripple lawsuit has been the major factor impacting XRP’s price action

Despite the court declaring XRP as non-security last year, the coin has not lived up to expectations. This is because the lawsuit is ongoing and has not reached a logical conclusion. For context, XRP was changing hands at $0.515 at press time, down 1.36% over the past 24 hours.

With Armstrong anticipating a potential settlement in the lawsuit, XRP could embark on the projected price explosion soon.

Current Status of Ripple Lawsuit

In the meantime, the SEC v. Ripple case is currently in its end phase. The parties are in the last stage of remedies and have filed the relevant remedies-related brief.

Today is the deadline for filing letter briefs in opposition to the omnibus sealing motions. After this filing, the court would issue its verdict regarding the omnibus letter motions to seal.

Upon issuing this verdict, the parties are expected to publicly file the redacted versions of all documents and exhibits within 14 days after the ruling. 

Afterward, the court would issue its final verdict, effectively concluding the lawsuit at the district court level. Notably, multiple legal and crypto experts expect the final resolution to occur before the end of this year. 

Top Market Watcher Says Calculated Move is Driving XRP by 1,066% to $5.89

Abdulkarim Abdulwahab
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0
Top Market Watcher Says Calculated Move is Driving XRP by 1,066% to $5.89

Prominent analyst EGRAG believes that a calculated move could be driving XRP to $5.89 much sooner than the community realizes.

EGRAG voiced this view in a recent post on X in line with his continuous updates about XRP’s outlook for the season. He first identified an ascending trendline on XRP’s historical chart, denoted the “ATLAS LINE,” which he noted has held true since March 2020.

The ATLAS LINE notably intersects with the lowest price points of XRP over the past four years. Remarkably, each intersection has often been followed by a significant bullish run for XRP. EGRAG’s analysis points to nine such occurrences since March 2020.

A prime example was January 4, 2021, when XRP crashed to $0.226 after a bull frenzy that had taken the asset to $0.6922 two months earlier. However, the fall was followed by a more enduring uptrend that propelled XRP to $1.96 by April 2021. Other instances of this occurrence are denoted by yellow circles in EGRAG’s chart.

 

Emphatically, the nine yellow circles that EGRAG identified form an ascending parallel pattern. This pattern aligns with a descending parallel that EGRAG called the “final wake-up line.” Together, these two parallels form a large triangular configuration on XRP’s chart, which EGRAG has shaded in blue.

XRP Calculated Move to $5.89

According to the analyst, the breakout from the blue triangle’s measured move could drive XRP’s price to $5.89. Interestingly, EGRAG arrived at the $5.89 price target for XRP by measuring the width of the triangle formed by the intersecting ATLAS and “final wake-up” lines.

Specifically, the analyst’s assumption is that the breakout from the triangle pattern will mirror the initial width of the formation. With XRP currently trading at $0.505, the analyst is signaling the possibility of a 1,066% increase in value soon.

XRP Must Reclaim $1.5 First

Meanwhile, EGRAG’s analysis accounted for more updated XRP price patterns, which have formed a smaller triangle illustrated in white on his chart. He contends that if XRP were to break out to the upside from this smaller triangle, the measured move target would be $1.5.

According to EGRAG, this $1.5 price point could signal the start of a significant macro breakout for XRP. Essentially, the analyst urges the XRP Army to be ready for a “mini pump” that takes XRP to $1.5. On the other hand, the more substantial surge could see XRP reach $5.89.

Besides, EGRAG proposed that the larger macro trend for XRP could even push the asset’s value into the double-digit range.

Community Members in Doubt

While top market watchers like EGRAG have remained confident in XRP’s potential, community members are increasingly losing faith in the optimism. This doubt is largely because, in recent times, XRP has barely proved its potential for market-wide commendable performance beyond its six-year-old history.

Some community members have suggested that XRP should aim to reach a more immediate and modest price target of $0.589 before setting its sights on the much loftier goal of $5.89.

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