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A crypto analyst Egrag forecasts a bull run for XRP, stating that it is an attractive buy opportunity with a potential 30X surge. XRP has experienced price volatility since its lawsuit with the U.S. Security and Exchange Commission (SEC) in 2020.
Currently, XRP is trading below $0.5 as the bears continue to mount pressure on its price. However, according to an analyst, the token has moved to a buy phase.
Crypto Analyst Lays Out Roadmap For XRP’s Price
The renowned crypto analyst Egrag presented his analysis on a template he refers to as The Bent Fork Roadmap. According to his analysis, the roadmap contains four tracks each, representing a phase of XRP’s market cycle.
The four tracks are, Track A; Major Historical Support, Track B: Ranging Zone, Track C: Mid-Cycle Top, and Track D: Cycle Top. Egrag noted that the prevalent market trend reveals that XRP’s priced action aligns with track D.
Track D is the cycle top representing the most bullish pattern in the Bent Fork Roadmap. Based on this trajectory, the analyst forecasts XRP’s price to hit an estimated price of $15. If this happens, it represents a 3,0255 increase in its price or a 30X spike.
Also, he identified a falling wedge pattern stating that XRP has remained in this pattern since 2021. Egrag believes XRP will rally if it successfully breaks out of the falling wedge. However, he noted that it requires determination.
Notably, Egrag stated that until this breakout occurs, XRP might remain within a price range or even dip further. Furthermore, he noted that the bulls and bears are keenly contesting for control of XRP’s Price.
XRP is currently at the $0.4 price level. Its price is likely affected by the ongoing regulatory pressure in the market and the ongoing case with the SEC. The recent release of the Hinman emails caused a stir in the XRP community. It wasn’t the bombshell expected to assist the crypto firm.
The SEC Should Remove the Hinman Speech, Stuart Alderoty
Chief Legal Officer at Ripple Labs, Stuart Alderoty, shared his thoughts on the now publicized and long-awaited Hinman speech.
He noted that Bill Hinman ignored several warnings that his speech contained non-factual analysis with no legal basis, creating great confusion in the market.
In his speech in 2018, Hinman declared that a token is not a security once it becomes sufficiently decentralized. Alderoty noted that a Senior SEC official warned Hinman that his speech goes beyond the provision of the Howey test.
The Howey Test is an analysis that reveals if an asset qualifies as a security. Also, the SEC’s Office of General Counsel (OGC) labeled Hinman’s assertions as legally irrelevant.
Stuart Alderoty stated that although Hinman claimed that the speech was his personal view, the SEC has acted upon the speech as guidance.
Moving forward, he believes the SEC should remove the speech from their website and have an investigation conducted on who influenced Hinman.
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