Egrag Crypto shares analysis predicting the start of the next XRP bull run.
Prominent crypto analyst Egrag Crypto predicted the start of the next XRP bull run in a tweet yesterday.
According to the analyst, the price of XRP should kick off a massive price surge in Q3 2023, specifically on the 1st of July. The analyst made this known as he shared his XRP monthly chart, which showed that the previous XRP bear cycle had lasted 27 months from 2014 to 2017 when it created its all-time high. Applying the same analysis to the present XRP downtrend, which kicked off in April 2021, Egrag arrives at his predicted date, which he tags the “Moon Date.”
The monthly chart pattern shared shows XRP in a triangle continuation pattern of an overall uptrend, popularly known as a bull flag. Egrag’s prediction indicates an impending upwards break of this pattern which currently has support at around the $0.32 price point.
It is worth noting that Egrag is an XRP permabull. Last September, he highlighted the possibility of a 790% XRP price pump. At the time, XRP was exchanging hands for a little over $0.47.
As highlighted above, XRP has been locked in a downtrend since April 2021, ranging for most of the last 6 months. However, the asset has shown enough promising on-chain metrics to qualify as Santiment Feed’s crypto pick of the month. In its bullish case for XRP, the crypto analytics platform highlighted aggressive price accumulation, indications of sellers’ exhaustion, and bullish price chart patterns.
For many, the deciding factor for XRP’s price trajectory this year will be the court ruling in the US Securities and Exchange Commission case against Ripple. Notably, the SEC claims that XRP is an unregistered security in its December 2020 complaint against Ripple that ushered both parties into an over 2-year-long legal battle.
Attorney James K. Filan predicts a resolution in March.
A win for Ripple will see XRP reintroduced to US markets, where several crypto exchanges had booted it off out of fear of litigation. It could lead to a significant injection of volume and form the premise of a new bull narrative.
Meanwhile, the XRP Ledger has also seen significant development in recent months, with more to come. For example, the network now has native NFT functionality. In addition, developers are working on a protocol native Automated Market Maker and an Ethereum Virtual Machine (EVM) compatible sidechain.
All of these come even as Ripple’s On-Demand Liquidity service, which uses XRP as a bridge currency for international settlements, continues to expand to new markets.
XRP is trading at the $0.3489 price point at press time, up 2.48% in the last 24 hours.