A widely known analyst made an intriguing assumption in regards to the rise of XRP, saying that it might doubtlessly outdo the Philadelphia Gold and Silver Index.
Egrag Crypto predicted that XRP might rise by 1,000% in opposition to the gold and silver index because the analyst sees the crypto replicating a run it made in 2017.
Associated Studying
A Looming Crypto Run
In a publish, market analyst Egrag Crypto famous that indicators are exhibiting that the altcoin might doubtlessly make a bull run much like what it did in 2017, saying that it might have an enormous run that may permit it to outperform the Philadelphia Gold and Silver Index.
“XRP / XAU: 1000% Attainable Candle?” the outstanding analyst mentioned in his X account.
#XRP / #XAU: 1000% Attainable Candle? 🔥
Not many analyze the #XRP / #XAU pair, however the chart seems primed for a bounce! Let’s break it down:
1⃣Understanding the Pair 🔍
🔷This evaluation focuses on #XRP / #XAU, not in opposition to the US Greenback.
🔷If #XAU decreases in #USD phrases, the… pic.twitter.com/5bgkp2G64U— EGRAG CRYPTO (@egragcrypto) February 10, 2025
Egrag analyzed the efficiency of XRP in opposition to the Philadelphia Gold and Silver Index by exhibiting the XRP/XAU pair, which represents the coin’s market capitalization, versus the index.
“If XAU decreases in #USD phrases, the worth of XRP by way of #XAU will enhance, impacting its greenback worth immediately,” the market analyst defined.
Present Setup Mirrors 2017 Rally
Egrag added that the present XRP’s situation is likely to be much like that of its 2017 run.
“I theorize that the three inexperienced candles we noticed in 2017 have been replicated, albeit with a distinct diploma of progress. We’re at present in a ranging mode; the arrow chart suggests we could keep on this vary if present value motion aligns,” the analyst famous.
For readability, the gold and silver index is being traded on the Philadelphia Inventory Alternate, which tracks the shares of 30 treasured metallic mining corporations. Furthermore, this index trades with the ticker XAU, which is identical ticker for gold ounces.
XRP Might Hit $28.5
Egrag mentioned in its earlier run in 2017, the sample allowed XRP to soar by 1,000% within the XRP/XAU pair, saying that in the intervening time, the pair is being traded at $893.9 million.
The determine was obtained by dividing the altcoin’s present market capitalization of $149.64 billion by the present value of the Philadelphia Gold and Silver Index of $167.39.
The market analyst believed that if XRP would repeat the 1,000% spike whereas $167.39 is the worth of the index, it might push the worth of the XRP/XAU pair to $9.83 billion.
With such worth, the XRP market capitalization could be at $1.64 trillion, supposing the index stays at $167.39, resulting in XRP being traded at $28.5.
Associated Studying
Altcoin Bounces Off
Egrag famous that XRP value versus XAU appears to have bounced past the equilibrium section, recovering from an enormous collapse this month that noticed XRP slide to $1.7.
“Good Bounce: #XRP / #XAU has bounced forcefully from the equilibrium stage. An identical bounce occurred on the 7 EMA (Exponential Shifting Common), indicating bullish momentum,” the market analyst mentioned in a publish.
Featured picture from Gistly, chart from TradingView