{"id":408329,"date":"2023-06-16T15:55:20","date_gmt":"2023-06-16T15:55:20","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=408329"},"modified":"2023-06-16T16:00:50","modified_gmt":"2023-06-16T16:00:50","slug":"crypto-analyst-predicts-30x-spike-for-xrp-identifies-buy-signal","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-analyst-predicts-30x-spike-for-xrp-identifies-buy-signal","title":{"rendered":"Crypto Analyst Predicts 30X Spike For XRP, Identifies Buy Signal"},"content":{"rendered":"

\u00a0<\/b>A crypto analyst Egrag <\/span>forecasts<\/span><\/a> a bull run for XRP, stating that it is an attractive buy opportunity with a potential 30X surge.\u00a0<\/span>XRP has experienced price volatility since its lawsuit with the U.S. Security and Exchange Commission (SEC) in 2020.<\/span><\/p>\n

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.<\/span><\/p>\n

Crypto Analyst Lays Out Roadmap For XRP\u2019s Price<\/h2>\n

The renowned crypto analyst Egrag presented his <\/span>analysis<\/span><\/a> on a template he refers to as The Bent Fork Roadmap. <\/span>According to his analysis, the roadmap contains four tracks each, representing a phase of XRP’s market cycle.\u00a0<\/span><\/p>\n

The four tracks are, Track A; Major Historical Support, Track B: Ranging Zone, Track C: Mid-Cycle Top, and Track D: Cycle Top. <\/span>Egrag noted that the prevalent market trend reveals that XRP\u2019s priced action aligns with track D. <\/span><\/p>\n

Track D is the cycle top representing the most bullish pattern in the Bent Fork Roadmap. <\/span>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.<\/span><\/p>\n

Also, he identified a <\/span>falling wedge<\/span><\/a> pattern stating that XRP has remained in this pattern since 2021. <\/span>Egrag <\/span>believes<\/span><\/a> XRP will rally if it successfully breaks out of the falling wedge. However, he noted that it requires determination.\u00a0<\/span><\/p>\n

Notably, Egrag stated that until this breakout occurs, XRP might remain within a price range or even dip further. <\/span>Furthermore, he noted that the bulls and bears are keenly contesting for control of XRP’s Price.\u00a0<\/span><\/p>\n

XRP is <\/span>currently at the $0.4 price level<\/span><\/a>. Its price is likely affected by the ongoing regulatory pressure in the market and the ongoing case with the SEC. <\/span>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.\u00a0<\/span><\/p>\n

The SEC Should Remove the Hinman Speech, Stuart Alderoty<\/h2>\n

Chief Legal Officer at Ripple Labs, Stuart Alderoty, <\/span>shared his thoughts<\/span><\/a> on the now publicized and long-awaited Hinman speech.<\/span><\/p>\n

He noted that Bill Hinman <\/span>ignored several warnings<\/span><\/a> that his speech contained non-factual analysis with no legal basis, creating great confusion in the market.<\/span><\/p>\n

In his speech in 2018, Hinman declared that a token is not a security once it becomes sufficiently decentralized.\u00a0<\/span>Alderoty noted that a Senior SEC official <\/span>warned Hinman<\/span><\/a> that his speech goes beyond the provision of the Howey test.<\/span><\/p>\n

The <\/span>Howey Test<\/span> is an analysis that reveals if an asset qualifies as a security. <\/span>Also, the SEC’s Office of General Counsel (OGC) labeled Hinman\u2019s assertions as <\/span>legally irrelevant<\/span><\/a>.\u00a0<\/span><\/p>\n

Stuart Alderoty <\/span>stated<\/span><\/a> that although Hinman claimed that the speech was his personal view, the SEC has acted upon the speech as guidance.<\/span><\/p>\n

Moving forward, he <\/span>believes<\/span><\/a> the SEC should remove the speech from their website and have an investigation <\/span>conducted<\/span><\/a> on who influenced Hinman.\u00a0<\/span><\/p>\n

Read more:\u00a0<\/strong><\/p>\n