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.
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
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
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