XRP Faces Uncertainty Amidst 777% Rally Forecast Following SEC Ruling. Is 777% Feasible?
In the aftermath of the recent ruling in the Ripple v. SEC lawsuit, XRP, the cryptocurrency associated with Ripple, experienced an explosive pump but is now struggling to maintain its $0.75 threshold. Notably, renowned chartist Egrag has made an audacious prediction of a 777% rally for XRP within the next seven days, drawing parallels with historical data from 2017. However, investors are cautioned to exercise prudence and not take this projection as investment advice.
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#XRP In 7 Days: 777% Increase! 🚀🤯🚀
Mark your calendars, folks! In just 7 days, we will witness if the stars align and witness a jaw-dropping 777% increase in #XRP! 😱 But remember, let's take this with a grain of salt while remaining open-minded to all possibilities.
💡 Fun… pic.twitter.com/7uAmbSpgA0
— EGRAG CRYPTO (@egragcrypto) July 16, 2023
The excitement surrounding XRP’s potential surge stems from Judge Analisa Torres’ ruling in the Ripple v. SEC lawsuit, which triggered a massive pump in the cryptocurrency’s price. Nevertheless, XRP has been facing challenges in retaining the crucial $0.75 level. Egrag, known for his insightful analysis of price movements, has forecasted a significant rally for XRP based on patterns observed in the past.
Egrag Crypto Predicts XRP Increase By 777% In Two Weeks
Comparing two weekly timeframe charts, Chart A from 2017 and Chart A* representing the current price movements, Egrag noticed striking similarities. In March 2017, XRP appreciated by 106% following a period of bearish movements, reaching a high of $0.0704 on April 2, 2017, before facing resistance. However, after overcoming bearish pressure, XRP surged by an astonishing 777.06%.
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Drawing parallels between the two charts, Egrag projected a potential 777% increase for XRP, leading to a price of $6.57 from its current value of $0.75. While the prospects of such a substantial rally are undoubtedly enticing, Egrag was cautious, emphasizing that the pattern could also be a false signal. As a result, investors are urged to take the analysis with a grain of salt and exercise due diligence in their decision-making.
As of press time, XRP is trading at $0.7529, with a modest 1.66% gain in the past 24 hours. The challenge lies in the bears’ continuous efforts to displace XRP from the $0.75 psychological level. The recent mild uptick in price represents XRP’s latest attempt to solidify its position above the threshold.
In conclusion, XRP’s price movement remains uncertain following the recent ruling and the subsequent forecast by Egrag of a potential 777% rally. Investors are advised to approach the situation with caution and conduct thorough research before making any investment decisions. While XRP has shown historical patterns of substantial growth, the cryptocurrency market is inherently volatile, and prudent risk management is crucial. As the situation unfolds, market participants await further developments to determine the accuracy of the forecasted rally.
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