XRP: The New Digital Gold? Analyst Predicts 1.000% Rise

• XRP could rise 1.000%.
• Analyst predicts XRP to rise.
• Comparison with gold and silver.

A renowned analyst’s latest prediction about XRP has left the crypto community in awe. Egrag Crypto, known for its accurate analysis, has come up with a bold hypothesis: XRP can outperform the Philadelphia Gold and Silver Index.

On his X Platform account, Egrag Crypto shared his view that XRP is poised to repeat its exceptional performance from 2017. He points to indicators that suggest an imminent bull run, which could propel the cryptocurrency to overtake the precious metals index.

“XRP/XAU: 1000% candle possible?”, asked the analyst in his post.

Source: TradingView/Egrag Crypto

To support your analysis , Egrag Crypto examined the performance of XRP against the Philadelphia Gold and Silver Index using the XRP/XAU pair. This pair represents the market capitalization of XRP compared to the precious metals index.

According to the analyst, if the value of XAU in US dollars decreases, the price of XRP relative to XAU will increase, directly impacting its value in dollars. In his technical analysis, Egrag Crypto also drew a parallel between the current condition of XRP and that of 2017.

“I theorize that the three green candles we saw in 2017 have been replicated, albeit with a different degree of growth. We are currently in a ranging mode; the arrow chart suggests we may remain in this range if current price action aligns.”

To understand the relevance of this analysis, it is important to know the Philadelphia Gold and Silver Index. Traded on the stock exchange of the same name, this index tracks the shares of 30 precious metal mining companies and is represented by the ticker XAU, the same used for ounces of gold.

Based on his analysis, Egrag Crypto estimates that XRP could reach a price of $28,5. He explains that in its previous run in 2017, the pattern allowed XRP to surge 1.000% on the XRP/XAU pair. If this rally were to repeat, the price of the XRP/XAU pair, currently at $893,9 million, would jump to $9,83 billion.

This value, combined with XRP’s market cap of $1,64 trillion (assuming the index remains at $167,39), would see XRP trading at $28,5, according to the analyst. At the time of publication, XRP’s price was trading at $2,62, up 2.7% over the past 24 hours.