A prominent market analyst believes XRP is capable of soaring by up to 55X in the long term, citing the cryptocurrency’s potential to recover from the recent price declines.
EGRAG recently took to X to admonish the XRP community on the need to be patient with the coin’s growth. Using the analogy of the half-full and half-empty glass of water, EGRAG noted that many consider the downsides to XRP’s fall and miss the broader big picture.
This statement comes in the wake of XRP’s near-bearish stagnancy, one that has kept the price below the monthly ceiling of $0.63.
At the time of writing, XRP trades at $0.5011, down 0.5% in 24 hours. While the coin’s market cap is down by the same figure to $27,272,665,682, the trading volume has soared 15% to $899,243,735.
The Bullish Forecast on XRP
Recently, XRP veered off its 3-year consolidation phase, underscoring the extent of the current drawdown on the coin. Since the start of the year, XRP has fallen by 19.53%, making it one of the biggest losers among the top 20 projects.
Drawing on this, EGRAG advocated patience, noting that the chances XRP will hit a 15X, 27X, and even 55X growth is high.
He noted that rather than panic when the price of the coin falls to the $0.41 or $0.35 level, adherence to the Dollar Cost Average (DCA) technique might help investors print success in the long term.
#XRP: 2 Types of Crypto Adventurers ( – or +):
In everyday life, whether in business or elsewhere, some folks tend to focus on what’s missing (like the half-empty glass), while others see what’s there (like the half-full glass).
This same idea applies to #XRP:
A) Some folks… pic.twitter.com/utMSr2FBKG
— EGRAG CRYPTO (@egragcrypto) February 6, 2024
From current levels, EGRAG sees XRP touching $7.4891, $13.6302, and $27.0746 in the foreseeable future. However, he has chosen not to give any specific timelines for these targets.
Unifying Front from XRP Proponents
Besides EGRAG, other XRP proponents have also maintained an optimistic outlook for the coin moving forward.
The core thesis backing the forecast for imminent growth hinges on the utility of the coin as a bridge currency in cross-border and general payment transactions, as well as other use cases that could bolster demand and adoption.
The securities status of the coin in the United States is also a bullish factor that might drive more institutional embrace of the coin in the long term, thus adding to the overall sentiment.