Analyst Egrag Crypto believes XRP is on the verge of a massive price surge
The analyst suggests a potential surge of 180%, placing the price around $1.4.
XRP is facing a legal battle with the SEC, but Ripple is pushing back.
The number of wallets holding at least one million XRP is also nearing an all-time high.
Based on these technical and fundamental factors, the future of XRP looks bullish.
XRP has been one of the most interesting cryptocurrencies over the last few years, mainly because of its resilience.
XRP has been battered on several occasions by regulatory pressure from US agencies like the SEC and the CFTC and has managed to get back on its feet so far.
In current news, however, we can see XRP in one of its struggles once again.
The cryptocurrency is struggling to maintain the $0.5 zone, sparking discussion among industry experts, about the cryptocurrency's likelihood to break free and maybe retake the $1 zone or higher.
According to a renowned analyst on Twitter, Egrag Crypto, XRP might be on the verge of something huge.
In a recent X post, the analyst highlighted the XRP chart, pointing towards what he calls a ‘double bottom’ pattern.
In technical analysis, double bottoms are highly bullish formations.
This pattern looks like a “W”, and indicates that the bulls are active around where the double bottom occurred.
These two lows are typically followed by a significant increase in price, with the opposite of a double bottom being a “double top”.
Egrag Crypto went further to define the current consolidation zone that XRP trades in, as a ‘supply zone’, which includes a ‘wicking range’ within the chart.
In essence, all of these indicators show that XRP is set to enter a bullish phase, with the analyst even predicting a staggering 180% increase in XRP’s value.
XRPs double top
To understand where this puts XRP, we can expect an average price of around $1.4 at the end of it all!
XRP also has strong fundamentals, backing its impending price surge.
Consider Ripple’s ongoing legal battle with the SEC in the US.
Recall that the SEC proposed that Ripple pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty, all of which added to a total of $1.95 billion in fines.
However, Ripple kicked back with a recent response filing, which stated:
“The Court should deny the SEC’s requests for an injunction, for disgorgement, and for pre-judgment interest, and should impose a civil penalty of no more than $10 million,”
The filing rejection
Ripple also denies the fraudulent activities it is being accused of in the institutional sales of XRP from 2020, in one of the most defiant filings against the SEC so far.
The ongoing rise of XRP millionaires cannot be swept under the rug either.
According to data from Santiment in a recent tweet, the number of wallets holding at least one million XRP has been skyrocketing as of late and is almost even at an all-time high.
XRP surging in millionaires
Santiment also notes that around 2,013 wallets have been recorded as of April 2023, suggesting that the whales are stocking up on this cryptocurrency for a massive move to the upside.
Moreover, the previous peak from June 2023 had only one more wallet than the current figures, with around 2,014 XRP millionaires.
Overall, the future of XRP seems bright, and judging by the recent behaviour of the whales, we’d say that Egrag Crypto might be on to something.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.