Just like the entire market, XRP also experienced a setback. This led to a considerable reduction in profits it earned on July 13. However, XRP proponents continue to hold an optimistic view regarding the asset’s prospective growth. Egrag, a crypto analyst, remained confident in his ambitious projection of a 28,250% surge in XRP’s value over the long haul. This prediction builds upon his earlier one, which was revealed in February.
Egrag employs the Average Sentiment Oscillator [ASO] which is commonly nicknamed the Alligator Jaw. The analyst highlighted intriguing patterns noted within the ASO indicator, drawing from historical data as evidence.
Using this same analysis, he anticipated a potential increase of 28,250% for the altcoin. Nonetheless, the feasibility of such a substantial rise is questionable. Given the current condition of the asset, achieving a growth rate of over 28,000% seems highly implausible. However, it’s worth noting that XRP has outperformed both Bitcoin [BTC] and Ethereum [ETH] as the best-performing crypto in the past year. The altcoin rose by 51% throughout the past year, while the other assets saw minimal gains.
Also Read: Which Banks Use Ripple XRP
XRP whales are on an accumulation spree
In a recent Santiment report, it was pointed out that XRP has been seeing a rise in its level of activity. Notably, there are 221 addresses that stand out, each containing a substantial amount of XRP ranging from 10 million to 1 billion assets. Together, these whales possess a combined total of 16.13 billion tokens, equating to an astonishing value of $8.71 billion. The rising whale activity can certainly be viewed as a bullish indicator.
Additionally, there was an increase in the number of active addresses. Data from Messari Crypto indicated that the overall count of active addresses within the XRP market stands at 27,839. Over the past week, the network experienced a notable upswing of 10.47%.
Although these aspects might be positive indicators, there are elements linked to the legal dispute involving Ripple and the Securities and Exchange Commission [SEC] that could also influence the situation.
Also Read: SEC Moves To Appeal Ripple XRP Case Ruling