- Analyst Crypto Egrag forecasts a 39,000% surge to $220 for the crypto asset XRP.
- He sees a bull run signal, 12 and 24 SMA crossover anticipates XRP bull run initiation.
- Mixed views on SEC approval as Valkyrie hints at potential launch.
Crypto analyst Ergag Crypto has set the stage for bullish expectations in the XRP community, suggesting that the digital asset may soar to $220, representing a monumental 39,000% surge. Egrag’s analysis, based on Fibonacci levels, outlines crucial milestones at $1.2, $2.2, $5.8, $11, and $33 before reaching the coveted $220 mark.
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Egrag emphasizes the potentially parabolic nature of this price movement, comparing it to a Gamma-Ray Burst (GRB) event. Drawing parallels to XRP’s historical performance, particularly in 2017 with a staggering 61,000% surge, the analyst hints at the potential magnitude of the upcoming rally.
Key to predicting the initiation of the XRP bull run, Egrag points to the 12 and 24 SMA (simple moving average), marking a bullish cross as a clear signal. Anticipating a bull run approximately one month after this occurrence, investors eagerly await these technical indicators.
Amidst these predictions, discussions surrounding an XRP ETF gain momentum. Valkyrie’s CIO, Steven McClurg, suggests that the approval of Spot Bitcoin ETFs could pave the way for similar filings related to tokens like XRP. However, Fox Business Journalist Eleanor Terrett notes conflicting views within the industry regarding SEC approval for a single-product XRP Spot ETF.Â
Bulls cite regulatory clarity and Grayscale’s move to reintegrate XRP into the GDLC Fund as positive signs, while bears argue that congressional intervention or a change in administration is necessary for approval, citing SEC Chair Gary Gensler’s perceived stance on crypto assets other than Bitcoin. The industry remains divided on the prospects of an XRP ETF as stakeholders navigate regulatory uncertainties.
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