September 29, 2021, Brazil. In this photo illustration the Ripple (XRP) logo seen displayed on a smartphone
An analyst predicts XRP might surge 27 times to reach $90, citing extended consolidation phases.
The current 68-month accumulation phase is the longest XRP has seen.
Crypto analyst EGRAG has generated significant buzz in the cryptocurrency community with their recent XRP price behavior analysis. EGRAG’s assessment suggests that XRP may be on the brink of a substantial price rally, possibly reaching a remarkable $90.
EGRAG’s analysis centers on the historical accumulation patterns within the XRP market. It hinges on the notion that lengthy periods of consolidation are often precursors to significant surges in price. EGRAG embarked on this analysis by meticulously scrutinizing XRP’s monthly price chart, identifying five distinct instances of accumulation, each characterized by unique durations and their respective impact on the asset’s price.
Recapping Previous Accumulation Phases
The first accumulation phase, spanning a brief three-month period from September to October 2013, led to a commendable tripling of XRP’s price. The second phase extended over seven months, from May to November 2014, resulting in a twofold increase in XRP’s value. However, the most significant leap was witnessed during the third accumulation phase.
Spanning a whopping 27 months from December 2014 to March 2017, XRP’s price skyrocketed by 14 times. The fourth accumulation phase, encompassing seven months from May to December 2017, was no slouch either, resulting in an eightfold price surge for XRP. When combining the durations of these four phases, EGRAG calculated an average accumulation period of 11 months, translating into a cumulative multiplier of 27 times.
EGRAG’s analysis took an intriguing turn when they pinpointed the ongoing accumulation phase that XRP is currently navigating. Clocking in at an astounding 68 months, this is the most prolonged period of accumulation XRP has ever encountered. EGRAG posits that XRP has been quietly amassing momentum throughout this extended consolidation, potentially paving the way for an explosive price rally.
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Price Projections and Scenarios
EGRAG outlined several potential price scenarios based on various multiplier assumptions relative to XRP’s all-time high (ATH) price of $3.3:
Ambitious Projection: The boldest scenario foresees a 27x surge from the ATH, placing XRP at a staggering $90. This scenario reflects the possibility of prolonged consolidation before a significant breakout.
Conservative Estimate: In a more conservative estimate, a 6.75x increase from the ATH would still catapult XRP to approximately $22.
Moderate Projection: EGRAG’s third assumption considers a 2x multiplier from the ATH, resulting in a price of $6.6.
Optimistic Target: The fourth assumption sets a 14x target, which, if realized, would lead to XRP trading at $46.
Community’s Perspective
Notably, a community member offered an alternative perspective, advocating for a 27x increase from the current XRP price of $0.514. This would equate to a price of approximately $13.7. EGRAG acknowledged the feasibility of this perspective.
XRP’s current market performance is also worth noting. At the time of EGRAG’s analysis, XRP had seen a 7.51% increase in its price over the past week, indicating a potential attempt to recover lost value.
While EGRAG’s analysis generates excitement among XRP enthusiasts, it’s crucial to emphasize the inherent volatility of the cryptocurrency market. Cryptocurrency prices can fluctuate dramatically due to market sentiment, regulatory changes, adoption trends, and global economic conditions.
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