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Yesterday, Wednesday, the United States Securities and Exchange Commission (SEC) formally extended the XRP lawsuit against Ripple by filing a Notice of Appeal regarding Judge Torres’s ruling. Following this news, the price of XRP plunged by more than 10%. However, crypto analyst Egrag Crypto (@egragcrypto) maintains that the bullish setup remains unchanged, with a target of $7.50 still in place for this bull run.
Why $7.5 Is Still Possible For XRP Price
Egrag’s analysis, shared via X, emphasizes resilience in the XRP pricing structure despite the external pressures. He noted, “I get it, the SEC appeal might feel like the end of the world, but guess what? The chart has been signaling a retest was coming! My post from yesterday nailed it. I literally said: ‘I know you’re tired of hearing ‘retest, retest,’ but LISTEN UP: the range of $0.5428 – $0.5375 is STILL in play!’”
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With his chart analysis, Egrag reassures holders that the foundational trading strategies should not be swayed by the legal noise. The analyst outlines two crucial trend lines which he terms the “Atlas Line” and the “Genuine Wake-Up Line.”
Both trend lines have dominated the XRP price for more than four years. The “Atlas Line” serves as a baseline for the bull run’s support level, suggesting that as long as the price does not drop below this marker, the bullish outlook is still valid. The “Genuine Wake-Up Line” needs to be broken to enter bullish territory.
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However, Egrag also acknowledges that the price can deviate below or above the trend lines. “From a TA perspective, the game plan is STILL rock solid. On a MACRO LEVEL, as long as XRP doesn’t lose $0.28, we’ve got nothing to worry about. And until XRP closes above $0.75, don’t expect a full-on BULLRUN. We can still move downward to $0.43 but nothing is changed on MACRO LEVEL,” Egrag writes.
The analyst remains steadfast even in volatile times, stating, “So, what’s next? NOTHING has changed: XRP IS STILL NOT A SECURITY.” He continues to challenge the prevailing market reactions and encourages looking beyond immediate fluctuations, emphasizing the importance of technical indicators over market sentiments fueled by regulatory actions.
His projected “Critical Target Level” at $7.50 signifies a strong conviction in the potential upward trajectory for the crypto asset, despite the current market setbacks. This target is audaciously higher than the current price levels. The price would have to rally more than 1,300%.
Addressing the community and doubters, Egrag writes, “Everything in between? Just noise. And yeah, this noise may feel nasty to the newbies, but OGs know it’s just more time to stack up. Honestly, I’m HAPPY about this appeal: Why? Because it gives my other coins a chance to pump, and when they do, I’m putting 100% of those profits into XRP.”
At press time, XRP traded at $0.5238.
Featured image created with DALL.E, chart from TradingView.com