- Virtune XRP ETP makes a significant move in response to the more than 100% surge of its underlying asset to outpace major indices.
- An analyst has projected XRP to finish the cycle with a 40x price gain from its cycle low of $0.28.
The Virtune XRP ETP is reported to have outperformed major indices like OMX Stockholm 30 and Bitcoin. After a week-long rally, XRP printed over 100% gain on its price chart. According to analysts, this remarkable “journey” underscores the strength of the asset and the long-term sustainability of the ecosystem.
The listing of VIRXRP on Nasdaq Stockholm was disclosed by CNF in June. Since then, it has outperformed its Bitcoin counterpart on multiple occasions. Meanwhile, analysts believe that VIRXRP could continue its bullish momentum with XRP tipped to reach $2.2 before the year ends.
XRP Price Analysis
Subjecting XRP to a comprehensive technical analysis, a TradingView analyst identified as Skyrexio has observed that the asset has recently broken away from a four-year consolidation phase. Currently, he estimates that XRP could reach between $2.5 and $3.8 since it is in the last wave of this global supercycle. Supporting his thesis with a price chart, the analyst highlighted that the end of the region marked C (in the chart below) indicates a strong bullish sign.
The second target is more likely because wave 5, in 90% of cases, set a higher high than wave 3. We also want you to notice the bullish reversal bar and green dot on the indicator at the end of Subway C. On the monthly time frame, this is the strong bullish sign which will likely lead the price to the final target.
Comparing the current run to the historical price behavior, Skyrexio explained that XRP embarked on a five-wave cycle, with the first one completed in early 2013. After this, there was a significant correction. In 2024, XRP entered into another correction in Wave 4 which is in the form of a triangle. However, this was broken recently, marking the beginning of a new bullish run.
EGRAG CRYPTO’s Position
Popular market trader EGRAG CRYPTO has predicted that XRP could reach $11 by recording a 40x gain from its cycle low of $0.28. Analyzing this thesis, we observed that his prediction was based on the 2023 ruling by Judge Analisa Torres on the programmatic sales of XRP. According to him, this has brought clarity to the asset and could translate into massive price growth. Fascinatingly, this matches his market data and Fibonacci-based analysis that estimated aggressive growth for the asset class.
#XRP Dominance: From 10% to 20%!
Attention, #XRPArmy!
Let me take you through an analysis using double Fibonacci levels from two major cycles to identify key confluence points and potential dominance targets:
Yellow Cycle (2017): #XRP Dominance Top
Red Cycle… pic.twitter.com/7Qot2R7NYY— EGRAG CRYPTO (@egragcrypto) November 17, 2024
In another analysis, EGRAG CRYPTO used the performance of the leading cryptos in the previous cycle to estimate the price of XRP. According to him, Ethereum (XRP) recorded a 58x gain in the previous cycle, moving from $80.9 to an all-time high of $4,868. If XRP imitates this level of gain, it would peak at $16. However, if it matches the 21x gain of Bitcoin, it could finish the cycle at $5.88.
At press time, XRP was down by 3.9% in the last 24 hours and was trading at $1.09.
