By Solomon Odunayo
A crypto analyst identified on Twitter as Ben Gravis has recently revealed his bullishness for the third-largest cryptocurrency by market capitalization, XRP.
XRP Long Term Target Is $8222
In his prediction, he pointed out that the calculating target for the price of XRP is $8222, using an analytic tool called log fib extensions.
Captioning an illustrative chart, he said that the digital token XRP has touched 0.5 fib level, Moving Average Convergence Divergence crossing, and now moving towards 55 Exponential Moving Average (EMA).
Conclusively, he stated that the price target for XRP considering his calculation is $8222, adding that the huge price target is feasible due to the fact that the cryptocurrency market is still in its infancy.
Ben Gravis tweeted, “People asked me to do a long term TA for XRP Ripple. Extremely bullish! Touched the 0.5 fib level, macd crossing & price moving above 55 EMA! First 5 waves are in line with log fib extensions. Used the same tool for calculating target, $8222. Crypto is still in its infancy!”
People asked me to do a long term TA for $xrp @Ripple. Extremely bullish! Touched the 0.5 fib level, macd crossing & price moving above 55 EMA! First 5 waves are in line with log fib extensions. Used the same tool for calculating target, $8222. Crypto is still in its infancy! pic.twitter.com/UMeggbGpVW
— Ben Gravis (@ben_gravis) August 31, 2020
Reactions of the Crypto Community Members to the Huge Price Target
As expected, the prediction was greeted with tons of mixed reactions from cryptocurrency community members.
A user responded with amazement, questioning his seriousness, he wrote, “8222????? Are you serious or making fun?”
In response, Ben Gravis said, “Well it looks insane I know. Definitely with XRP’s circulating supply. But what if mainstream adoption comes? The total amount of money in this market is almost nothing for what to expect. Based on Fibonacci log scales it will be 8222. Using that tool for waves in 2017 worked.”
In agreement with Gravis’ long-term prediction, another user tweeted, “Market cap means nothing when supply and demand take center.”
In a contrary opinion, a crypto enthusiast identified on Twitter as Christian stated that Gravis has little or no knowledge about how Fibonacci works, which resulted in such an exorbitant price target:
“Do you even know how fibonacci works bruh, im missing the most important fibo levels on both sides, seems to me you lack knowledge of fibonacci. Please go study fibonacci and its levels and which are key and most important. People like you give us a bad name.8222 is a fking joke.”
Responding to the user’s counter opinion, Gravis wrote:
“I use fib log scale, if this was the first wave in 2017 than the 3th wave will hit around the 1.618 level, which is $8222… Using these fib tool on previous waves in 2017 align with the elliot wave principle. It’s an insane number though.”
In conclusion, cryptocurrency still has a very long way to go. A decade ago, only a small percentage of people could believe Bitcoin (BTC) would sometimes trade around $10,000, let alone recording an all-time high of $20,000. Although Ben Gravis’ $8222 price target for XRP may be termed insane, no price is impossible in the world of cryptocurrency. Mind you, Bitcoin (BTC) has already set the pace of possibility.
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