Hold Onto Your Seats: XRP Primed For 90% Rally, According To Top Analyst
26 March 2024 - 10:00PM
NEWSBTC
Renowned XRP analyst EGRAG has ignited a firestorm of excitement
and skepticism with his bold prediction for the cryptocurrency.
EGRAG, known for his bullish XRP stances, is calling for a
potential 90% surge in the near future, with a target price of
$1.20. This forecast hinges on a technical pattern identified by
EGRAG – a “W” wave formation on XRP’s 3-day chart, which he
believes historically precedes bull runs. Related Reading: Analyst
Bullish On Polkadot (DOT), Predicts $17 Price Target Before April
XRP Long-Term Outlook The prediction has sent ripples through the
XRP community. Enthusiasts are buoyed by the prospect of such a
significant price jump. However, the forecast is not without its
cracks. EGRAG himself acknowledges a potential worst-case scenario
where XRP could plummet by 30% to around $0.44. This has some
investors wary, questioning the possibility of a revisit to such
lows. #XRP Wave 10 ( $1 – $1.2) 🌊🔟: The 10th “W” Pattern is
exceptionally well-aligned with the current market setup, signaling
a potentially significant move. Target Prices Remain Consistent: 1)
Non-Logarithmic: $1 2) Logarithmic: $1.2#XRPArmy STAY STEADY and
Appreciate the… pic.twitter.com/PS6xZi1FFv — EGRAG CRYPTO
(@egragcrypto) March 24, 2024 Furthermore, EGRAG emphasizes that
his bullish outlook extends far beyond the immediate future,
projecting an astonishing long-term target of $27 for XRP by
November. This audacious forecast is rooted in his meticulous
analysis of XRP’s current moving averages juxtaposed with those
observed during the remarkable price surge of 2017. Drawing
parallels between the two periods, EGRAG highlights the uncanny
resemblance, hinting at the potential for history to repeat itself
with a resurgence akin to the explosive growth witnessed in the
past. He underscores the importance of considering historical
patterns and market dynamics in shaping his optimistic perspective,
indicating a belief in XRP’s capacity for substantial growth over
the coming months. Bitcoin is now trading at $71.123. Chart:
TradingView Complex Market Dynamics However, analysts urge caution
when interpreting such technical indicators. While historical
patterns can offer valuable insights, they are not guarantees of
future performance. The cryptocurrency market remains notoriously
volatile, and unforeseen events can drastically alter price
trajectories. Further complicating the picture is the ongoing legal
battle between Ripple Labs, the company behind XRP, and the US
Securities and Exchange Commission (SEC). The lawsuit’s outcome
holds the potential to significantly impact XRP’s price. A
favorable ruling for Ripple could pave the way for wider adoption
and a subsequent price increase. Conversely, an unfavorable verdict
could cripple investor confidence and send XRP tumbling. XRP
seven-day price action. Source: Coingecko Related Reading:
Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You
Invest? Beyond the technical analysis and legal wrangles, XRP’s
long-term success hinges on its real-world utility. XRP is designed
to facilitate cross-border payments, offering faster and cheaper
transactions compared to traditional methods. Widespread adoption
by financial institutions for this purpose would be a major driver
of XRP’s value. Despite the negativity, #XRP is closing its
three-monthly candle in #March by breaking the multi-year
resistance. There is one week left to close the last candle. Above
it; The initial targets will be $1.8815-$5.8563 (NFA) Enjoy your
day!#ripple pic.twitter.com/YzZIWaOhFR — Dark Defender
(@DefendDark) March 24, 2024 Meanwhile, the asset’s recent price
correction hasn’t deterred pro-XRP analysts, who believe this might
be the start of a huge rally in the near future. Dark Defender, an
X user, pointed out that in the last six months, XRP has already
seen two straight three-monthly green candles. A third candle of
this kind, according to the analyst, would spark an exponential
rise that raises the token’s price to between $1.88 and $5.85.
Featured image from Pixabay, chart from TradingView
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