- Ripple (XRP) hints at a substantial price surge to $11 or beyond, following a less impressive performance in 2023.
- Technical analyst EGRAG introduces the concept of a “Gamma-Ray Burst” (GRB) as a metaphor for a potentially explosive price move in the crypto markets.
Ripple (XRP) lagged behind other major cryptocurrencies in 2023, gaining only 17% in the last quarter. However, technical analyst EGRAG introduces the concept of a “Gamma-Ray Burst” (GRB) as a metaphor for a potentially explosive price move, drawing parallels to XRP’s impressive rally during the 2017 crypto bull run.
EGRAG argues that a second GRB event could drive XRP to $11 in the current cycle, representing a nearly 1,500% surge from its current levels of around $0.70. The analyst suggests even higher targets, such as $33 and $220, as feasible under highly favourable conditions.
Bullish indicators supporting this ultra-bullish thesis include XRP’s recent golden cross, where its 12-day simple moving average moved above its 24-day SMA. EGRAG interprets these signals as precursors to a significant uptrend, emphasizing the potential for an explosive move in XRP’s price.
Agreement Across Crypto Space
EGRAG’s ambitious forecast finds support across the crypto space. AI system Google Bard acknowledges the theoretical possibility of XRP reaching double-digit territory in the long term under highly favourable conditions. Renowned exchange Changelly expects Ripple XRP to surpass the $11 milestone, citing clearer regulations and expanding crypto adoption as potential catalysts.
Despite the comparatively muted gains in 2023, XRP appears poised for a significant move in 2024. Analysts, including EGRAG and Changelly, emphasize the potential for a substantial price surge, aligning with historical patterns and bullish indicators.
