XRP Projected to Rally in 2023, Potentially Reaching $27
In an analysis shared by market analyst EGRAG, he predicts a forthcoming rally for XRP in the beginning of next year. This surge has the potential to push the cryptocurrency to reach the $27 price mark, signifying a significant increase of approximately 4,853% from its current value.
The Potential for XRP’s Gains
EGRAG’s projection draws upon historical patterns observed during previous bull markets. The analyst points out that Bitcoin (BTC) surged by 23 times during the past bull run, while Ethereum (ETH) experienced an impressive 58-fold increase. According to EGRAG, XRP also has the potential to achieve similar gains.
However, XRP has faced resistance primarily due to price suppression resulting from the US SEC’s lawsuit against Ripple.
XRP Fundamentals
XRP currently ranks fifth by market capitalization and is priced at $0.54. It has been a prominent player in the cryptocurrency market for over a decade. Created by Ripple Labs, XRP aims to revolutionize global money transfers and provide a faster and cost-effective alternative to the SWIFT system for international transactions.
Despite considerable volatility in the cryptocurrency markets, XRP has demonstrated resilience and delivered notable returns for investors. Over the past 12 months, the token has experienced a remarkable surge of 24%, outperforming 76% of the top 100 cryptocurrencies.
Vital Resistance Levels
In late 2021, while the broader cryptocurrency market reached new highs, XRP struggled to gain momentum. Analysts attribute this bearishness to the lingering effects of the SEC’s lawsuit, which led several exchanges to halt support for XRP.
With XRP having received legal clarity following Judge Analisa Torres’s ruling on July 13, EGRAG believes the asset is poised for a significant upswing. According to the analyst, when XRP embarks on its next growth trajectory, it will unlock pent-up potential.
EGRAG provides a monthly XRP chart to support his analysis. This chart outlines the potential path for XRP to reach the ambitious price target of $27, including a series of resistance levels. EGRAG predicts a potential 40-fold increase for XRP when it enters this bullish journey.
This projected price surge aligns with the Fibonacci level at 1.618, calculated from XRP’s highest price in 2017 to its lowest value in 2020.
Hot Take: Uncertainty Remains for XRP in 2023
The future of XRP in 2023 remains uncertain, hinging on the final resolution of the SEC case against Ripple. Lawyer Bill Morgan suggests that this won’t be a simple process. The bullish case anticipates favorable legal outcomes and a positive market environment that could raise XRP’s price. However, a drop in interest after legal resolutions or broader market sell-offs could lead to price declines.
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