- The bold XRP forecast comes amid surging institutional demand for the digital asset following a clearer regulatory outlook.
- Egrag’s analysis focuses on a technical indicator called the Average Sentiment Oscillator (ASO), mostly referred to as the Alligator Jaw.
A respected cryptocurrency enthusiast and XRP trader, Egrag Crypto, is convinced that the Ripple-backed digital asset is poised to rally to a three-figure target in the next bull market. Precisely, the analyst highlighted that XRP price is preparing to pump a whopping 28,250 percent based on the analysis of an indicator called Average Sentiment Oscillator (ASO), alias the Alligator Jaw.
Based on historical data analysis, Egrag Cryoto concluded that the XRP price is preparing for a major breakout, despite the recent price correction fueled by the Bitcoin dump. Notably, the analyst highlighted that an ASO bullish cross has been identified to trigger a macro XRP price pump, which has ostensibly rhymed in the past.
Notably, the analyst came up with the latest focus by averaging the 2021 XRP pump at about 1500 percent and the 2017 55k percent. Nonetheless, it is worth noting that most top altcoins are faced with diminishing returns as they mature with deep liquidity and trading volume.
The analyst had also supported the macro bullish XRP sentiment with an incoming bullish cross between the 21 Weekly EMA and the 100 Weekly MA. As a result, Egrag Crypto urged the XRP army not to get distracted by the short-term bearish sentiment and to continue preparing for the macro-bullish outlook.
#XRP Get Ready for the Bullish Cross! 🐂🚀📈
You don’t need to be a TA Guru to see that whenever the 21 Weekly EMA and 100 Weekly MA create a #BullishCross, #XRP ignites like 🔥.
Digging deeper, this #BullishCross emerges following a prolonged tussle with the 21 EMA.#XRPArmy… pic.twitter.com/oS2J7f5XP8
— EGRAG CRYPTO (@egragcrypto) August 21, 2023
XRP and Ripple’s Market Outlook
Following the recent SEC vs Ripple ruling XRP has enjoyed a lot of macro bullish outlook despite the agency pushing to appeal the case on the next circuit. Notably, on-chain data shows deep-pocketed investors have delved deeper into the XRP market in preparation for future growth prospects. Precisely, Santiment’s data shows that XRP whales holding between 10 million and 1 billion units accumulated a combined bag of about 16.13 billion tokens worth approximately $8.71 billion in the recent past.
🐳 #XRPNetwork is starting to see some mild recovery signs, and today’s +4% price rise appears to be supported some of the asset’s largest whales. There are 221 addresses holding between 10M-1B $XRP. They now hold a combined 16.13B tokens worth $8.71B. https://t.co/vyy0WwRtFq pic.twitter.com/4wMLQxMlIA
— Santiment (@santimentfeed) August 20, 2023
XRP price, however, has continued to shrink in the short term, trading around 52 cents on Tuesday, down approximately 17 percent in the past seven days. According to the latest crypto market data, XRP had a fully diluted valuation of about $51.8 billion, thus ranked among the top five most valuable digital assets.
The XRP price action is, however, largely bolstered by the notable partnerships made by Ripple in the past few years. Before Ripple stopped giving its deep quarterly reports due to the SEC harassment, the company had noted that On-Demand Liquidity (ODL) had been adopted in over 40 global payouts.
Meanwhile, the short-term XRP price action continues to be affected by the rest of the altcoins and Bitcoin, which are more bearish amid rumors of Binance’s possible insolvency.
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