EGRAG CRYPTO (@egragcrypto), a well-known cryptocurrency analyst, recently shared his perspective on XRP’s future. Looking at the XRP/BTC trading pair chart, the analyst highlighted the recent surge in Bitcoin (BTC) prices and its corresponding effect on the XRP/BTC ratio. The ratio dipped to a low of 0.00000771 on May 15, 2024.
This development strengthens his belief in further BTC gains while anticipating a continued decline in the XRP/BTC ratio. EGRAG CRYPTO anticipated this decline, but all hope is not lost for XRP, as he believes a turnaround will follow.
Read Also: Analyst: XRP Could Surge 1,500% If It Meets This Condition
Key Takeaways and Potential Scenarios
EGRAG Crypto encouraged XRP holders by outlining his target range for the XRP/BTC ratio. According to his analysis, achieving a level between 0.00000710 and 0.00000555 could signify a significant price increase for XRP, potentially mirroring the surge witnessed during the 2017 cryptocurrency bull run.
Understanding the XRP/BTC Ratio
The XRP/BTC ratio represents the value of one XRP relative to the value of Bitcoin (BTC). A decreasing ratio indicates that a larger amount of XRP is needed to purchase the same amount of BTC. Conversely, an increasing ratio signifies that fewer XRP are required to acquire the same amount of BTC.
Although a prominent trader recently predicted that XRP would go to zero based on this chart, EGRAG CRYPTO stated that his post will become a meme when XRP rebounds.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Sets Bullish Price Targets For XRP and Ethereum (ETH)
A Critical Look at EGRAG CRYPTO’s Analysis
It’s important to acknowledge that technical analysis, while a valuable tool, is not infallible. Past performance does not guarantee future results. It is also vital to remember that technical analysis is one piece of the puzzle. Different factors, including fundamental developments, regulatory decisions, and broader economic conditions, influence XRP’s price.
EGRAG Crypto’s analysis offers an interesting perspective on the XRP/BTC ratio and potential future price movements for XRP. Although he predicts a price decline, this will eventually lead to a historic surge. Another prominent analyst drew attention to dumb money investors in February.
These are investors who lose their confidence and leave during the bear market before the surge comes and EGRAG CRYPTO’s prediction could be the bear market that leads to that surge. He showed a huge number of these investors from the 2017 cycle and expects many to do the same before XRP’s next bull run.
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