Recently, a well-known analyst made a captivating assumption regarding the cryptocurrency XRP, suggesting it could potentially surpass the Philadelphia Gold and Silver Index in performance. Egrag Crypto predicted that XRP may rise by an astonishing 1,000%, replicating a significant rally it experienced in 2017.
A Looming Crypto Run
In a recent post, market analyst Egrag Crypto highlighted indicators that suggest the altcoin is on the verge of a bull run akin to its 2017 surge. Egrag states that this potential increase could enable XRP to outperform the Philadelphia Gold and Silver Index. The analyst remarked, “XRP / XAU: 1000% Possible Candle?” reflecting on the pair’s promising chart dynamics.
#XRP / #XAU: 1000% Possible Candle? 🔥
Not many analyze the #XRP / #XAU pair, but the chart looks primed for a bounce! Let’s break it down:
This analysis emphasizes the XRP/XAU pair instead of its performance against the US Dollar. Egrag further explained, if the index (#XAU) decreases in #USD terms, it would lead to an increase in XRP’s value in terms of #XAU, subsequently impacting its dollar value.
Current Setup Mirrors 2017 Rally
The analyst noted that the current condition of XRP resembles that of its remarkable performance in 2017. Egrag theorized that the three green candles observed in 2017 appear to be mirrored currently, albeit potentially with different growth dynamics. He indicated we are in a ranging phase, and if current price actions align accordingly, the upward momentum could resume.
For those unfamiliar, the gold and silver index is traded on the Philadelphia Stock Exchange and represents the stocks of 30 precious metal mining firms, trading under the ticker XAU.
XRP Could Hit $28.5
According to Egrag, if history repeats itself and XRP realizes a 1,000% surge similar to what occurred in 2017, while the Philadelphia Gold and Silver Index remains at its current value of $167.39, XRP’s price could soar to approximately $28.5. Currently, the XRP/XAU pair trades at $893.9 million, derived from its market capitalization of $149.64 billion divided by the index price.
Altcoin Bounces Off
Egrag also noted a significant bounce in XRP’s price against XAU, recovering from a severe decline that saw values drop to $1.7 earlier this month. The analyst remarked, “Nice Bounce: #XRP / #XAU has bounced forcefully from the equilibrium stage. A similar bounce occurred at the 7 EMA (Exponential Moving Average), indicating bullish momentum.”
Featured image from Gistly, chart from TradingView
