- EGRAG likens XRP’s potential growth to the “Lollapalooza Effect.
- The analyst underscores XRP’s unique regulatory status and significant partnerships as key to its bullish outlook.
- EGRAG projects targets of $1.10 and $1.40 for XRP, with a long-term potential peak at $90.
EGRAG, a well-known crypto analyst, has recently argued the bullish potential of XRP by likening it to what he called the “Lollapalooza Effect.” He highlighted that the concept, coined initially by investor Charlie Munger, describes a scenario where various psychological and behavioral factors converge to exert a profound impact.
According to EGRAG, investor Munger used the “Lollapalooza Effect” to explain how combining multiple forces could synergize a subject to create extraordinary outcomes. In the case of XRP, EGRAG suggested that the asset is experiencing a similar effect.
The foundation of the sentiment is a combination of factors surrounding the XRP ecosystem. Specifically, the analyst highlighted multiple psychological and behavioral forces that could collectively contribute to a highly favorable outcome for XRP. He posted a curated list of ten of such impacting factors.
Leading the list was XRP’s regulatory status. EGRAG reiterated that XRP maintains a unique position in the crypto space, being the only digital asset with regulatory clarity besides Bitcoin. It may be recalled that in July this year, the U.S. court ruled that XRP is not a security.
The second and third items EGRAG noted were XRP’s increased partnership with prominent institutions. In September, the leading payment institution in Japan, SBI Holdings, proclaimed it had begun using XRP for cross-border payment.
Other influencing points for XRP the analyst mentioned include interoperability, retail and institutional sentiments, micropayments for everyday use, liquidity and market depth, and integration with payment providers.
Ultimately, EGRAG is bullish on XRP, believing it has the potential to make significant gains in the future. Early this week, the analyst argued XRP’s next target, having crossed $0.65, was $1.10 and $1.40.
Meanwhile, in a more detailed post in October, EGRAG illustrated that XRP’s lowest outlook is to trade at $6.6, while the highest is for the digital asset to hit $90. The foundation of this incredibly bullish view is XRP’s 68-month accumulation period since its last peak.
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