Crypto analyst Egrag Crypto has explained why an XRP price rally to $10 in this cycle is reasonable. The analyst alluded to historical performances and bullish fundamentals to drive home his point that this price target this year.
Why An XRP Price Rally To $10 Is Reasonable
In an X post, Egrag Crypto suggested that an XRP price rally to $10 wasn’t really difficult, seeing as the crypto only needs to record about a 2.94x increase from its current price level to reach this target. The analyst alluded to past cycles to put things into perspective and explain why this price prediction is reasonable.
First, he noted that the Bitcoin price increased 21x in the last cycle, rallying from $3,000 to $69,000. Meanwhile, the Ethereum price recorded a 58x increase, rallying from $81 to $4,891. As such, Egrag Crypto is confident that XRP can also witness a similar parabolic price increase.
He remarked that the XRP price has already done the hardest part, having recorded a 13x increase from $0.28 to around $3.40 over the last two years. The analyst added that all that is needed to reach this $10 target is a 3 to 4x increase.
Egrag Crypto also highlighted bullish fundamentals for XRP, which could spark this rally to $10. He noted that 17 XRP ETFs are in the pipeline, regulatory clarity is almost here, and the SEC Ripple lawsuit is wrapping up. As CoinGape reported, a Ripple SEC settlement could happen soon enough.
The analyst added that real-world utility and adoption are expanding, providing a bullish outlook for XRP. In line with this, he remarked that a $500 to $700 billion market cap for the crypto is “completely reasonable in this environment.”
Triple Digits In The Next Cycle
Egrag Crypto also raised the possibility of the XRP price rallying to triple digits in the next cycle. The analyst stated that the ease of reaching triple digits depends on this cycle’s peak. He then outlined scenarios to map out how the crypto could rally to $100 and above.
First, he stated the ‘Pessimistic Scenario’ in which XRP would require a 30x move to reach $100 in the next cycle if it tops out at $3.40 this cycle. If the crypto tops at $3.40, the analyst noted that a rally to $100 in the next cycle would require massive overall crypto market expansion, although he said it was inevitable.
Egrag Crypto remarked that crypto adoption is just at 1.5% of its total potential as the ‘Internet of Value’ is set to absorb trillions from global industries. He added that crypto will become the 12th major economic sector, integrating into existing sectors such as healthcare, finance and insurance, and information technology.
The analyst then mentioned the ‘Conservative Scenario’ as the second one. He stated that if XRP reaches between $10 and $20 this cycle, then hitting $100 next cycle only requires a 5x to 10x move, which is “very reasonable.”
The last is the ‘Optimistic Scenario’ in which the analyst stated that if the XRP price surges to between $27 and $33, then it needs only a 3 to 4x increase to reach the $100 target. Egrag Crypto remarked that such a price increase will surely happen in a full-fledged bull market.
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