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. Related Reading: Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April 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 Furthermore, EGRAG emphasizes that his bullish outlook extends far beyond the immediate future, projecting an astonishing long-term target of $27 for XRP by November. This audacious forecast is rooted in his meticulous analysis of XRP’s current moving averages juxtaposed with those observed during the remarkable price surge of 2017. Drawing parallels between the two periods, EGRAG highlights the uncanny resemblance, hinting at the potential for history to repeat itself with a resurgence akin to the explosive growth witnessed in the past. He underscores the importance of considering historical patterns and market dynamics in shaping his optimistic perspective, indicating a belief in XRP’s capacity for substantial growth over the coming months. 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 Related Reading: Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You Invest? 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
View full article at NewsbtcBackground Photo by Harold Wijnholds on Unsplash
Quant Hedge Fund Two Sigma Hirin...
Cream Plunges on News That Hack ...
Indian National Congress Accuses...
CoinTelegraph (cointelegraph.com)
‘Lost’ Yuga Labs restructure...
Bitcoin’s daily transactions r...
Bitcoin News (news.bitcoin.com)
Republic First Bank Fails, Trigg...
Unlocking New Possibilities: Sol...
Kenya Establishes Working Group ...
Pantera Capital Makes Major Sola...
Solana Records ‘Dramatic Incre...
BEFE Coin’s Journey to $0.01: ...
Green trades are rising for meme...
On Fire: BEFE Coin’s Unstoppab...
UK law enforcement given new pow...
Binance’s defense against SEC ...
Pantera bought more Solana token...
Forbes Unveils 20 Crypto ‘Zomb...
Ethereum Withdrawals From Exchan...
CryptoGazette (cryptogazette.com)
Another Day, Another Banking Sca...
US Banking Giant Pays $249,000,0...
Cardano To Explode by Over 1,300...
Why Ethereum’s DEX volume fell...
Bitcoin price prediction – Is ...
Solana congestion continues desp...
Are Blackrock and Paypal Buying ...
Shiba Inu And Dogecoin Prices Fa...
Terraform Labs Faces Injunction ...
Celebrities May Have Their Dirty...
3 Ways Bitcoin Traders Can Spot ...
Blockchain as an Infrastructure:...
BinaryX Releases RhinoX Whitepap...
StreamCoin’s 1st Anniversary: ...
Ukrainian Real Agriculture Busin...
Benchmark Protocol (medium.combenchmarkprotocol)
Benchmark Protocol celebrates 1 ...
Benchmark Protocol Integrates Ch...
Bitcoin Magazine (bitcoinmagazine.com)
Top 10 Tips for Every Bitcoin Mu...
Shadow Boxing: Comments On Proof...
'Asia's MicroStrategy' Metaplane...
Bitcoin.com (news.bitcoin.com)
Study: Half of Canadian Institut...
Bank of Russia and Rosfinmonitor...
Bitcoin Technical Analysis: BTC ...
‘Notcoin’ Game Token Is Laun...
Sam Altman, Satya Nadella Join H...
The Week in Polkadot: Web3 Found...
ConsenSys says the SEC designate...
Phoenix Wallet to be removed fro...
FBI warns it may cause ‘financ...