XRP Has the Capacity to Hit $26, Analyst Says

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XRP Has the Capacity to Hit $26, Analyst Says
  • XRP may either hit $6.24 or run to $26, according to an analyst’s prediction
  • The SEC case may be vital to XRP’s direction in the next bull market
  • The 50 and 200 EMA showed that the token has a strong bullish potential in the long term

According to Egrag Crypto, a popular Ripple (XRP) holder on X, XRP has the capacity to reach $6.24 around 2024. If XRP hits the price, it would mean that the cryptocurrency has increased by 836% from its high price recorded in the past day. 

Egrag, in his post, also mentioned that a whopping 3581% projected increase was on the card for XRP between 2024 and 2025, foreseeing the altcoin’s price reaching $26. As of this writing, XRP’s price was $0.61 as the token was corrected like many others in the market.

XRP to the Moon

For Egrag, his prediction was based on the fact that XRP had formed a bullish flag. A bullish flag is a chart pattern formed by two rallies and separated by a retracement.

The analyst used the 30-day XRP/USD chart to show that a flagpole had been formed on XRP’s previous spikes. So, if a lot of liquidity enters the XRP market, the price action may make higher highs, and continue trending in the upward direction.

In the current market cycle, it may look impossible for XRP to hit such heights. But in a full-blown bull market, it is not out of place. Egrag’s resolution to put the likely time frame around 2024 and 2025 could be linked to the Bitcoin (BTC) halving. 

Historically, months after the Bitcoin halving, a lot of cryptocurrencies performed well. But as it stands, XRP might need more than a surge of accumulation to get close to or achieve the aforementioned price target.

Is $0.60 the Bottom?

One factor that might play a part is the outcome of Ripple’s long-standing case with the U.S. SEC. As proven earlier in the year, a win for Ripple and XRP has the potential to send the token to a new All-Time High (ATH).

In terms of the technical outlook, the Exponential Moving Average (EMA) showed that XRP has the potential to reach new heights. This was because the 50 EMA (blue) was above the 200 EMA (yellow). This position is considered a bullish signal.

XRP/USD Daily Chart (Source: TradingView)

Also, the 200 EMA indicated that XRP at $0.60 could be the bottom for the cryptocurrency when the bull cycle comes in full force.

Apart from the technical indications, on-chain metrics like network growth can also be vital to the XRP price action. Network growth measures the number of new addresses joining a network. 

When the metric decreases, it means new addresses are refraining from making transactions or adopting the token. But if XRP’s network growth surges, indicating rising adoption, then the price may make attempts at reaching $6.24. 

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