Gym Positivity CEO Joey Swoll shared the altcoin project he has been supporting since 2019. According to analysts, the related altcoin may see a ‘Mega Increase’ in the coming weeks.
Joey Swoll has been supporting this altcoin since 2019
The CEO of Gym Positivity revealed his favorite altcoin project while answering questions from XRP community member “Mickle”. Swoll says it supports XRP and Ripple for various reasons.
Moments after his tweet, Swoll shared an update on how he helped someone buy a gym membership using XRP, the sixth largest cryptocurrency by market capitalization. Swoll also helped the anonymous person start saving in XRP to buy a car.
Meanwhile, Swoll has not disclosed whether it has invested in XRP. However, Swoll’s last words on XRP and Ripple caused rejoicing among cryptocurrency supporters.
SEC-Ripple lawsuit could be in its final weeks
The lawsuit between the US regulator SEC and blockchain company Ripple has been raging since the last months of 2020. The case could not be concluded for about 3 years. But a decision is expected in the coming weeks.
cryptocoin.com As we quoted Ripple CEO Brad Garlinghouse in his statements at the ReDEFiNe Tomorrow 2023 conference suggested that the case could end “in weeks, not months”.
Altcoin bulls target these levels now on XRP chart
Technical analyst Egrag recently pointed out the sensitive position of XRP. According to his predictions, the XRP price will likely hit $3.3 this year after the SEC lawsuit. Egrag then predicts that this momentum will trigger a massive rally towards $250.
In his technical analysis, Egrag points out that XRP has recorded multiple closes above the Gaussian Channel in the current cycle. This indicator is used by traders to filter the lag in a coin’s price movements.
According to Egrag, historical data shows that XRP usually reaches the end of a bear market when it makes multiple closes above the Channel. He highlights, however, that these multiple closes are often followed by a bearish period and eventually a bearish period before the rally.
A 633% rally or a modest 55% increase?
XRP price has dropped around 19% after egrag’s predictions. Now, it has been moving downward for 35 days as it moves through the midpoint of the Channel. The general idea is that XRP will experience a price increase in the foreseeable future. However, Egrag’s latest analysis suggests that if XRP continues to consolidate at the midpoint of the Gaussian Channel, its rise will push it to $3.3.
This pattern is similar to the price action of XRP where it rose from $0.22 in December 2020 to $1.91 in April 2021. According to the model, XRP’s price movements point to a 768% increase. Specifically, a rise from the current level of $0.45 to $3.3 will give XRP bulls a 633% gain.
On the other hand, Egrag emphasized that XRP could take another direction from here, which will result in a larger price increase. He stated that if XRP does not continue to consolidate at the midpoint of the Channel, but instead drops to the lower end of the Channel, it could rally to $250.
How about Ripple (XRP) price?
XRP price succumbed to the bearish pressure and left the $0.46 region. It is currently trading at $0.451. It fell by around 0.75% and 3.15% on a daily and weekly scale, respectively.
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