The famous investor and trader Egrag Crypto, known for his analyses on the social media platform X, shared a striking analysis for Ripple‘s native token XRP with his followers. According to the prominent analyst, XRP is on the verge of an 800% increase and it is claimed that the price will skyrocket to $5.50 from the current levels in just 14 days.
Egrag Crypto’s notable forecast is an update of a previous prediction made in May. At that time, XRP was trading at $0.4639, and the analyst had set three price targets. According to the highlighted figure, XRP will reach $1 first, then $5.5, and eventually $6.1 in the upcoming period.
Just a few weeks after this analysis, significant events occurred in the Ripple ecosystem, and XRP became the only crypto asset to receive a clear status from legal regulators in the US. Subsequently, the price of XRP began to rise and reached its highest level of the year at $0.93. According to a recently shared chart, the next target is the $5.5 level. The analyst claimed that the XRP price would reach this level within a two-week timeframe.
The rise of the XRP price to $5.5 by the end of the year from the current levels represents an 800% increase. However, current fundamentals indicate that the likelihood of this prediction coming true is very low. A continuous flow of positive news must also be taken into account for such a possibility to materialize.
Currently, XRP is trading below the first target level of $0.85, yet the analyst believes there is a possibility of high selling pressure before the rise. The analyst also stated that the prediction is not based solely on the next two weeks, but he claims that the target will be reached within this timeframe.