Crypto analyst EGRAG has recently made a bold prediction for XRP, arguing that the digital asset is poised for major gains due to a convergence of multiple bullish factors he describes as a “Lollapalooza Effect.”
This concept was introduced by Investor Charlie Munger, suggesting that a combination of psychological and behavioural factors can have a significant impact.
In a tweet, EGRAG expressed his belief that XRP is currently experiencing a similar effect due to a mix of factors in its ecosystem. The analyst posted a list of 10 factors that are currently influencing XRP positively, and topping this list is the regulatory clarity XRP gained after a U.S. court ruled it is not a security.
Additionally, EGRAG highlighted XRP’s increasing partnerships with notable institutions, citing the collaboration with SBI Holdings in Japan for cross-border payments as a significant development.
Other factors contributing to XRP’s positive outlook include interoperability, retail and institutional sentiments, micropayments for everyday use, liquidity and market depth, and integration with payment providers.
Moreover, on November 2nd, the analyst further expressed optimism, predicting the next target to range from $1.19 and $1.40 after crossing $0.65.
Meanwhile, EGRAG had recently outlined a positive scenario in a more detailed analysis, projecting a low estimate of $6.6 and a high estimate of $90. However, this optimistic view is based on XRP’s 68-month accumulation period since its last peak, as explained by the analyst in October.