February 29, 2024

The XRP community is abuzz as analyst forecasts an imminent price surge for XRP. In an October 5 tweet, popular crypto analyst Egrag predicted a potential 5,800% increase in XRP’s price. 

According to crypto analyst EGRAG, this potential surge will resemble Ethereum’s remarkable historical performance. As such, XRP investors and traders are watching the market closely for a safe entry point.

In the last cycle, Ethereum saw a massive 58x increase in value despite facing some controversies and difficulties. Comparing this historical movement with XRP’s trajectory, Egrag predicts that XRP is heading in a similar direction, especially with recent legal clarity.

But while many remain optimistic about XRP’s potential, others are pessimistic. EGARG pointed out that skeptical Ripple supporters have started making fun of other XRP fans who believe in its potential. 

The analyst presented a chart that shows Ethereum’s bullish journey to support his assertion. According to the chart, Ethereum had a significant correction, which decreased its price to $80.9 from $1,420 in December 2018. But after the tough ride, Ethereum started performing well, attracting more investors.

In addition, Egrag’s analysis indicated that in November 2021, Ethereum’s price surged massively by 5,815% (58X) from a low of $80.0. Eventually, it reached an impressive price of around $4,700 in November 2021. He believes XRP will follow a similar trajectory.

Meanwhile, another crypto analyst, @Cryptobilbuwooo, shared a similar sentiment with Egrag. According to his prediction, XRP will surge by 7,721%, pushing its price to $39 soon. His assertions were based on historical price moves and Z-score indicators. However, before the anticipated surge, Bilbuwoo expects a significant correction in XRP’s price.

Meanwhile, as of 7:00 AM EST, XRP trades at $0.5215, up by nearly 1% in the last 24 hours. Given Egrag’s analysis, if Ripple follows the same path as Ethereum, it might experience a 58x increase in value, reaching $30.2. That’s almost ten times more than its highest value ever recorded.

This potential surge has sparked excitement among XRP enthusiasts. While the asset’s current price isn’t much to speak about, it’s important to note that XRP has made massive strides since its launch. In January 2017, it was only worth $0.003.

However, it shot up to an all-time high of $3.317 in just one year, representing a 110,466% increase. Also, following Judge Torres’s favorable ruling for XRP, its price surged significantly by over 118% from $0.43 to $0.94. Although its rally has stalled, the token is still over 18,459% higher than its all-time low of $0.0028, recorded nine years ago.

These instances show that XRP has the potential for significant price increases. However, this must be guaranteed, and time for this to happen. Even though the recent court ruling presents XRP with partial legal clarity, it might still face challenges in reaching the predicted 58-fold increase. 

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