A well-known analyst made an intriguing assumption about the rise of XRP, saying that it could potentially outdo the Philadelphia Gold and Silver Index.
Egrag Crypto predicted that XRP could rise by 1,000% against the gold and silver index as the analyst sees the crypto replicating a run it made in 2017.
A Looming Crypto Run
In a post, market analyst Egrag Crypto noted that indicators are showing that the altcoin could potentially make a bull run similar to what it did in 2017, saying that it could have a big run that would allow it to outperform the Philadelphia Gold and Silver Index.
“XRP / XAU: 1000% Possible Candle?” the prominent analyst said in his X account.
#XRP / #XAU: 1000% Possible Candle?
Not many analyze the #XRP / #XAU pair, but the chart looks primed for a bounce! Let’s break it down:
1⃣Understanding the Pair
This analysis focuses on #XRP / #XAU, not against the US Dollar.
— EGRAG CRYPTO (@egragcrypto) February 10, 2025
Egrag analyzed the performance of XRP against the Philadelphia Gold and Silver Index by showing the XRP/XAU pair, which represents the coin’s market capitalization, versus the index.
“If XAU decreases in #USD terms, the price of XRP in terms of #XAU will increase, impacting its dollar value directly,” the market analyst explained.
Current Setup Mirrors 2017 Rally
Egrag added that the current XRP’s condition might be similar to that of its 2017 run.
“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 stay in this range if current price action aligns,” the analyst noted.
For clarity, the gold and silver index is being traded on the Philadelphia Stock Exchange, which tracks the stocks of 30 precious metal mining firms. Moreover, this index trades with the ticker XAU, which is the same ticker for gold ounces.
XRP Could Hit $28.5
Egrag said in its previous run in 2017, the pattern allowed XRP to soar by 1,000% in the XRP/XAU pair, saying that at the moment, the pair is being traded at $893.9 million.
The figure was obtained by dividing the altcoin’s current market capitalization of $149.64 billion by the current price of the Philadelphia Gold and Silver Index of $167.39.
The market analyst believed that if XRP would repeat the 1,000% spike while $167.39 is the price of the index, it would push the price of the XRP/XAU pair to $9.83 billion.
With such value, the XRP market capitalization would be at $1.64 trillion, supposing the index remains at $167.39, leading to XRP being traded at $28.5.
Altcoin Bounces Off
Egrag noted that XRP price versus XAU seems to have bounced beyond the equilibrium phase, recovering from a massive collapse this month that saw XRP slide to $1.7.
“Nice Bounce: #XRP / #XAU has bounced forcefully from the equilibrium stage. A similar bounce occurred at the 7 EMA (Exponential Moving Average), indicating bullish momentum,” the market analyst said in a post.
Featured image from Gistly, chart from TradingView
