Renowned XRP analyst EGRAG has stirred up a storm of excitement and skepticism with his bold prediction for the cryptocurrency. EGRAG, known for its bullish XRP positions, predicts a potential upside of 90% in the near future with a price target of $1.20. This prediction relies on a technical pattern identified by EGRAG – a “W” wave formation on XRP’s 3-day chart, which he believes history precedes bull runs.
XRP Long-Term Outlook
The prediction sent ripples through the XRP community. Enthusiasts are excited at the prospect of such a significant price jump. However, the prediction is not without flaws. EGRAG itself recognizes a potential worst-case scenario, where XRP could plummet 30% to around $0.44. This left some investors cautious, 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 TIGHT and enjoy 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 recommend caution when interpreting such technical indicators. While historical patterns can provide valuable information, 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 XRPand the US Securities and Exchange Commission (SEC). The outcome of the process has the potential to significantly impact the price of XRP. A favorable ruling for Ripple could pave the way for wider adoption and a subsequent price increase. On the other hand, an unfavorable verdict could damage investor confidence and send XRP plummeting.
XRP seven-day price action. Source: Coingecko
Beyond technical analysis and legal disputes, XRP’s long-term success depends on its real-world usefulness. XRP was designed to facilitate international payments, offering faster and cheaper transactions compared to traditional methods. Widespread adoption by financial institutions for this purpose would be an important driver of XRP’s value.
Despite the negativity, #XRP is closing its quarterly candle on #March breaking multi-year resistance. One week left until the last candle closes.
Over it;
Initial targets will be $1.8815 to $5.8563 (NFA)
Enjoy your day!#curling pic.twitter.com/YzZIWaOhFR
– Defender of Darkness (@DefendDark) March 24, 2024
Meanwhile, the asset’s recent price correction has not deterred pro-XRP analysts, who believe this could be the start of a major recovery in the near future.
Dark Defender, an X user, highlighted that in the last six months, XRP has already seen two consecutive green quarterly candles. A third candle of this type, according to the analyst, would trigger an exponential rise that would raise the token’s price to between US$1.88 and US$5.85.
Featured image from Pixabay, chart from TradingView
