Another bullish forecast has been made for the XRP price, which is arguably more bullish than many would expect. This time, a crypto analyst expects XRP to use its stored energy for an explosive rally that could send the altcoin soaring to $27, well above its all-time high.
XRP Price Suppressed During Latest Bull Run Due to SEC Lawsuit
Crypto analyst ERGAG CRYPTO recently predicted that XRP is poised for a massive 4,000% price increase. ERGAG made this prediction in an X-post, describing how this price increase could actually be possible. According to the analyst, XRP’s price was suppressed during the last major crypto bull run in 2021 due to an ongoing SEC lawsuit against Ripple Labs, the creator of XRP.
While Bitcoin and other altcoins hit new all-time highs, the XRP price struggled to keep pace amid fears that the lawsuit could have dire consequences for the future of the project. For example, during this period, Bitcoin shot up 23x, and Ethereum also rose a whopping 58x.
A federal judge in the United States has since determined that the programmatic sale of XRP does not constitute the sale of securities. Now that the lawsuit appears to be coming to an end with a settlement in sightXRP is ready to make up for lost time and replenish this lost energy.
The analyst predicts that the
Source: X
While no timeline for the next bull run is currently known, ERGAG expects this peak to occur around mid-2024.
One day for sure. But suggestion March – May 2024 will be fireworks.
— EGRAG CRYPTO (@egragcrypto) October 26, 2023
What’s next for XRP?
The entire crypto market has made a profit since mid-October, and the XRP price has not been left out. Bitcoin, for example, hit a new yearly high of $35,150. At the time of writing, XRP is trading at $0.547, up 5.73% in the past seven days.
Although its price is relatively low compared to other altcoins, XRP still is one of the strongest on the entire market and occupies fifth place in terms of market capitalization.
ERGAG CRYPTO also has some very optimistic price predictions for XRP in the past. Although a price of $27 seems very exaggerated, XRP could easily pass through the previous all-time high of $3.84 in the next bull market. The analyst had initially predicted that the altcoin might not hit a new all-time high by July 2028.
XRP sees slight retracement | Source: XRPUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com