Crypto analyst Crypto Egrag has shared another bullish prediction about the XRP price as he says that the crypto token could soon rise to three figures. As part of his prediction, the analyst also listed several key price levels that XRP could attain on its way to hitting $220.
XRP Price Could Rise To $220 This Year
Crypto Egrag highlighted the $220 price level as one of the figures that the XRP price could hit based on his analysis of the Fibonacci levels. Interestingly, the accompanying chart that he shared showed that this price level could be attained this year.
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Based on his analysis, XRP would hit “crucial figures” like the $1.2, $2.2, $5.8, $11, and $33 price levels on its way to $220.
Source: X
The analyst made sure to note that this price movement will no doubt be parabolic as he stated that it will be a GRB (Gamma-Ray Burst) event. He also alluded to the fact that such a move could end up mirroring a similar move to the one the XRP price made in 2017 when it surged by 61,000%.
Meanwhile, Egrag provided insights into when the XRP bull run could start, as he highlighted the 12 and 24 SMA (simple moving average) as a “clear signal.” Once a bullish cross occurs over them, then the bull run could happen almost one month later, according to the crypto analyst.
XRP price at $0.56 | Source: XRPUSD On Tradingview.com
Talks About An XRP ETF Gains Steam
Valkyrie’s Chief Investment Officer (CIO), Steven McClurg, recently hinted in an interview that an XRP ETF could launch at some point. His comment came as he suggested that the imminent approval of the Spot Bitcoin ETFs could open the door for other ETF filings that revolve around tokens like XRP and Ethereum.
Reacting to McClurg’s interview, Fox Business Journalist Eleanor Terrett shared some thoughts based on the conversations she had with some stakeholders in the industry about an XRP ETF. She stated in an X post that there are “differing views” on whether or not the Securities and Exchange Commission (SEC) will be willing to approve a single-product XRP Spot ETF.
She noted that the bulls argue that the XRP token will included in future funds, especially considering that it is the only digital asset that has regulatory clarity. They also alluded to Grayscale’s decision to reintegrate the token into the Grayscale Digital Large Cap (GDLC) Fund as a positive sign of an XRP ETF happening soon.
On the other hand, Terrett says that the bears argue that an XRP ETF can only be approved with congressional intervention on crypto regulation or if there is a change of administration. This argument stems from their belief that the SEC’s Chair, Gary Gensler, is unlikely to change his stance on other crypto assets aside from Bitcoin.
Featured image from Forbes, chart from Tradingview.com
