Despite lagging behind other major cryptocurrencies in 2023, several indicators suggest Ripple (XRP) is gearing up for a huge price surge to $11 or more soon.
Ripple gained just 17% in the last quarter of 2023, significantly underperforming top cryptos like Bitcoin and Solana. This lackluster performance raised doubts among some XRP investors about the token’s potential.
However, prominent crypto analyst EGRAG argues XRP holders should remain patient, citing technical signals that point to a massive uptrend he calls a “Gamma-Ray Burst” (GRB).
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An energetic event could spark a 1,500% surge
The GRB concept refers to high-energy astrophysical events that release incredible amounts of gamma-ray radiation. In the crypto markets, EGRAG uses it as a metaphor for similarly explosive price moves.
He notes that XRP already experienced a GRB-like rally during the 2017 crypto bull run, skyrocketing from $0.0030 to $3.31 between January 2017 and 2018.
EGRAG believes a second GRB event could drive XRP to $11 in the current cycle, representing a nearly 1,500% surge from current levels of around $0.70. However, he argues that even higher targets, like $33 and $220, are feasible as well.
Bullish indicators lending credence to this ultra-bullish thesis include XRP’s recent golden cross, with its 12-day simple moving average moving above its 24-day SMA.
What does Changelly say about XRP hitting $11?
EGRAG’s lofty forecast finds echoes from other corners of the crypto space. AI system Google Bard acknowledges that it’s theoretically possible for XRP to reach double-digit territory long-term under highly favorable conditions.
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Similarly, top exchange Changelly expects Ripple XRP to eclipse the $11 milestone as early as 2031, though more realistically in the following years. Like EGRAG, Changelly points to both clearer regulations and expanding crypto adoption as tailwinds for XRP.
So despite last year’s comparatively muted gains, XRP seems poised for an explosive move in 2024 and beyond.