Crypto analyst EGRAG ignited excitement in the crypto community by proclaiming, “XRP The Power of 27 X !!!!!!!”. The tweet delved into a technical principle that suggests the longer a cryptocurrency consolidates, the more robust and protracted its subsequent breakout will be.
#XRP The Power of 27 X !!!!!!!🚀🚀🚀🚀🚀🚀🚀
A technical principle states, "The longer the consolidation, the stronger and lengthier the ensuing breakout." This post delves into that idea!
We're here to analyze #XRP's price behavior on a monthly timeline.
Let's look at the… pic.twitter.com/cUAurHqcS5
— EGRAG CRYPTO (@egragcrypto) September 19, 2023
A detailed analysis of the coin’s price performance on a monthly scale was conducted to substantiate this notion. The focus was on the duration spent accumulating and the potential gains when it eventually shattered these accumulation zones.
Five distinct accumulation zones were identified, each characterized by varying time spans and corresponding multipliers. These zones are as follows: 3 months (3X), 7 months (2X), 27 months (14X), and 7 months (8X), totaling 44 months with an average of 11 months and a multiplier of 6.75X. Remarkably, the current accumulation zone has persisted for 68 months, hinting at substantial future potential.
For investors, the calculations are enticing. Assuming XRP’s all-time high (ATH) price of $3.3 as a reference point, several scenarios are conceivable. The most optimistic assumption predicts a 27X surge from the ATH, potentially catapulting its price to nearly $90.
On the conservative side, a 6.75X multiplier could push it to approximately $22. Even the lowest multiplier of 2X from the ATH would see XRP reaching around $6.6, while the highest multiplier of 14X would result in an estimated price of about $46. The possibilities seem tempting, and investors are watching with bated breath.
According to the latest analysis, CoinMarketcap data shows that XRP is currently trading at $0.5152, displaying a modest 1.41% increase in the last 24 hours.
Despite market fluctuations, the coin remains the fifth-largest cryptocurrency with a live market cap of $27 billion. Moreover, it has a circulating supply of 53,175,400,720 XRP coins and a maximum supply of 100,000,000,000 XRP coins.
Kaiko’s Insight Into XRP Liquidity
Meanwhile, Kaiko, a data analytics firm, highlighted the improving liquidity of XRP. They noted a significant uptick in liquidity following a court ruling in July regarding the Ripple/SEC case.
$XRP liquidity has improved significantly after July’s court ruling in the Ripple/SEC case. Market depth rose from an average of $8mn in June to $12mn in early September, even as XRP's price and volume has declined. pic.twitter.com/WtWqcVhKb5
— Kaiko (@KaikoData) September 18, 2023
Market depth surged from an average of $8 million in June to $12 million in early September. This happened even as the coin’s price and trading volume experienced fluctuations.
However, these trends suggest a growing level of confidence and engagement within the XRP ecosystem, underscoring the cryptocurrency’s resilience in the face of regulatory challenges.