Ripple (XRP) Slumps Alongside Market, But Bullish Analyst Foresees 1000%-3000% Gains
The cryptocurrency market has experienced a significant downturn in the past few days, with Bitcoin (BTC) and Ethereum (ETH) leading the decline with double-digit losses. XRP, a major player in the top ten cryptocurrencies, has been particularly hard hit. As of press time, XRP is trading around $0.51, reflecting a 33.3% drop from its recent peak of $0.72 on March 11th. This decline mirrors the broader market correction attributed to rising geopolitical tensions and macroeconomic factors like inflation.
Read Also: XRP Performance Against Bitcoin Raises Concerns Among Investors
Despite the current slump, popular crypto analyst EGRAG CRYPTO remains bullish on XRP’s future. EGRAG predicts significant gains for XRP, ranging from a staggering 1000% to a phenomenal 3000% increase.
Chart Analysis Hints at Potential Price Surge
EGRAG CRYPTO shared a chart on a social media platform (platform not specified due to privacy concerns) depicting XRP’s price movement since 2017. The chart shows XRP trapped within a symmetrical triangle formation. According to the analyst, their earlier prediction accurately pinpointed XRP’s trading range for the first quarter of 2024.
#XRP Q1 Candle Closed (UPDATE):
I will update the below chart on 2 weeks time frame.
We accurately predicted the range that #XRP might trade within, and it has indeed hit our lower target!
The next move could be between 1000% to 3000%!
In these turbulent trading days, it… https://t.co/gvSGpVblUo pic.twitter.com/zVjwGBrcKO— EGRAG CRYPTO (@egragcrypto) April 14, 2024
The chart further suggests that a successful breakout from this triangle pattern could propel XRP’s price above $10, with a potential to reach as high as $22. EGRAG emphasizes that while the current market volatility may be confusing, the chart offers a glimpse into a potential price target based on historical trends.
Read Also: Solana Price Jumps After Network Update Aims to Fix Congestion Issues
Analyst Dismisses Crash Talk, Sees Buying Opportunity
EGRAG CRYPTO further refutes the notion of XRP crashing, instead characterizing the current dip as a “retest” of the lower boundary within its Ascending Channel. This technical analysis pattern suggests a price retracement before a potential continuation of the upward trend.
Some commentators remain sceptical, citing XRP’s extended period of consolidation. However, EGRAG remains undeterred, viewing the dip as a “buying opportunity, not for crying.”
Uncertain Future for XRP: Bullish Predictions vs. Market Realities
EGRAG CRYPTO’s optimistic prediction stands in stark contrast to the current market situation. While the analyst’s technical analysis offers a potential roadmap, XRP’s future trajectory remains uncertain. Investors are advised to conduct thorough research and consider their risk tolerance before making any investment decisions in the volatile cryptocurrency market.
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Raliat: A rising star in the crypto world, blending expertise with a passion for analysis. With a knack for simplifying complex concepts, she empowers audiences to understand and navigate the blockchain landscape. Raliat’s insightful content and analytical prowess make her a trusted guide in the ever-evolving world of cryptocurrency.
