Analyst: XRP Rally to $10 is ‘Reasonable’ in This Market Cycle

  • XRP’s potential to reach $10 is supported by historical growth patterns and expanding institutional adoption, including ETF prospects.
  • Future growth projections suggest that XRP could hit triple digits in the next market cycle if adoption and market expansion continue.

The convergence of historical growth patterns and expanding adoption underscores the potential for XRP to reach $10 in the current market cycle, with prospects for even greater valuations in the future. This aligns with a recent prediction highlighted by CNF, suggesting that a 700% rally could push XRP into double-digit territory.

Crypto analyst Egrag Crypto recently projected that XRP could reach $10 in the current market cycle, citing historical performance and emerging bullish fundamentals. In a recent tweet, he stated:

We’ve already seen #XRP hit $3.40 in the past. To reach $10, we need just a 2.94X increase. Is that really difficult?

Egrag Crypto draws parallels between XRP’s potential surge and past performances of major cryptocurrencies. He notes that Bitcoin experienced a 21-fold increase in its last cycle, rising from $3,000 to $69,000, while Ethereum surged 58-fold, climbing from $81 to $4,891.

Given these precedents, Egrag suggests that XRP achieving a 3 to 4-fold increase from its current price to reach $10 is plausible. Notably, XRP has previously surged 13-fold, from $0.28 to approximately $3.40 over a two-year span, indicating its capacity for significant growth.

Bullish Fundamentals Supporting XRP

Several developments bolster the optimistic outlook for XRP. The anticipated approval of 17 XRP Exchange-Traded Funds (ETFs) is expected to enhance accessibility for institutional investors, potentially driving demand and price.

Looking beyond the current cycle, Egrag Crypto envisions the possibility of XRP reaching triple-digit valuations in subsequent cycles. He outlines scenarios where, if XRP attains a price between $10 and $20 in this cycle, a 5 to 10-fold increase in the next cycle could propel it to $100. This projection hinges on continued market expansion and the integration of cryptocurrencies into various economic sectors.

Market Sentiment and Recent Developments

Recent market activities reflect growing interest in XRP. The SEC’s acknowledgment of an ETF application from the Cboe BZX Exchange on behalf of Bitwise Investment Advisers has fueled speculation and optimism among investors. While this acknowledgment is not an approval, it signifies progress that could lead to increased institutional investment in XRP.

At the time of writing, XRP is trading at $2.29, reflecting a 2.19% increase in the past day and a 7.38% decline over the past week.

 

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