Despite underperforming other major crypto assets in the past year, the best may be just ahead for XRP, with multiple analysts and indicators pointing to a meteoric rally to $11.
XRP, the sixth-largest cryptocurrency by market capitalization, vastly underperformed other major assets in the last quarter of 2023, gaining a mild 17%.
For comparison, Bitcoin (BTC) and Solana (SOL) gained 73% and 383%, respectively, raising doubts among XRP holders on whether it is time to jump ship to other assets with greater potential.
Amid the debate, however, prominent crypto analysts EGRAG is one of those calling for patience on the part of XRP holders. In a recent technical analysis, the analyst reviewed the potential for a GRB (Gamma-Ray Burst) on XRP.
The famous indicator represents “energetic events” that release vast amounts of gamma-ray radiation that pushes prices to unprecedented levels.
EGRAG noted that XRP already witnessed a similar event during the 2017 bull market when its price soared from $0.0030 to $3.31 between January 2017 and 2018.
He expects XRP to witness a similar outcome in the upcoming bull run, opening up double-figure targets such as $11, $33, and even $220. A surge to $11 would represent a 1,500% increase for XRP.
EGRAG also cites the recent 12 and 24 SMA bullish cross on XRP as a reason why such targets are more realistic than they may seem.
Meanwhile, the prominent analyst had previously noted how XRP’s price surged 20x in the last cycle despite the regulatory crisis the project faced.
With the core part of the regulatory action now behind, he believes a 40x surge is not unrealistic and would bring the cryptocurrency to the $11 target.
Google Bard and Changelly Back $11 Prediction
The latest predictions by EGRAG are not out of the ordinary, with popular AI tool Google Bard and prominent crypto exchange Changelly also calling for XRP to hit such price levels.
A Google Bard result shows that it is theoretically possible for XRP to hit such numbers in the long term, even though that would require unprecedented levels of adoption for the cryptocurrency.
Changelly, on its part, predicts that XRP will hit $11 within the next six years. The exchange cites improved regulatory clarity for the asset and the broader crypto market growth as factors that would drive XRP’s price to a double-figure zone.