thecryptobasic.com
A renowned market analyst recently suggested that anything less than a 40x increase for XRP this cycle could signal market manipulation.
Following XRP’s underperformance during its last bullish cycle, market watcher EGRAG is confident that the altcoin now stands on more solid regulatory ground, which he believes should lead to a remarkable price surge.
Notably, XRP’s previous cycle high reached only $1.96, falling short of its all-time high of $3.3. In his latest analysis, EGRAG attributed this underperformance primarily to the legal actions from the U.S. Securities and Exchange Commission (SEC) against Ripple.
This battle led to massive XRP sell-offs and delistings from several major exchanges across the U.S. and Canada. The lawsuit affected XRP’s potential, limiting its value in a cycle when many other crypto assets saw historic gains.
XRP Potential for 40x Gains in the Current Cycle
Now, with Judge Analisa Torres’s ruling in July 2023 that XRP is not a security, regulatory clarity appears to be creating the pathway for XRP to reclaim and potentially surpass its previous highs.
For context, this ruling has brought legitimacy to XRP, which could translate into massive price growth. EGRAG argues that the market’s response to this clarity should ideally see XRP achieving a minimum of 40x gains from its cycle low of $0.28.
If XRP reached this threshold, it would imply a price target of around $11. EGRAG believes anything short of this 40x increase could translate to an intentional market manipulation, holding back XRP from reaching its potential.
XRP Price Expectations in Comparison to Bitcoin and Ethereum
Besides the 40x increase, EGRAG explored other possible price expectations using growth rates from other prominent cryptocurrencies, such as Ethereum (ETH) and Bitcoin (BTC).
During its last market cycle, Ethereum recorded an impressive 58x gain, rising from $80.9 to an all-time high of $4,868. If XRP matched this 58x multiple, it could reach a price of $16 from its current lows.
On the conservative end, even if XRP only matched Bitcoin’s last cycle multiplier of 21x, it would still bring its price up to $5.88. Although this target falls below EGRAG’s 40x expectation, he noted it was possible.
However, he maintains that a 40x or higher performance should be the baseline due to XRP’s unique position on the regulatory front.
Could XRP Break the 40x Ceiling?
Meanwhile, EGRAG also speculated about a more ambitious outcome, suggesting that XRP could experience a 50x or even a 96x increase if market conditions are favorable enough.
A 50x gain would place XRP around $14, while an exceptional 96x rise could push its value to an astonishing $27. While EGRAG did not specifically predict these outcomes, he implied that they remain within the realm of possibility.
Notably, these projections serve as possibilities rather than guarantees. Interestingly, in the short-term, XRP has 19% over the past 24 hours to trade at $0.8329, while the rest of the market is correcting. XRP is now the top gainer among the 100 largest assets.
