A recent analysis by market commentator EGRAG highlights a potential price trajectory for XRP, suggesting that it could reach $41 in 91 days. This prediction is based on similarities between Tesla’s price movements from 2018 to 2023 and XRP’s current market behavior.
According to EGRAG, if XRP mirrors Tesla’s path and adjusts for the faster pace of the cryptocurrency market, it could see a significant rally, resulting in a 1,667% increase.
#XRP – #TSLA: A Simple Formula for 10X & a Top in 90 Days!
In my previous post (shared on December 9, 2024), I highlighted intriguing similarities between
🏁@ElonMusk's 60 Minutes appearance and
🏁@BGarlinghouse's recent feature on the same platform.Let’s break it down:… https://t.co/9w2bApsXvA pic.twitter.com/hyPevyYlbd
— EGRAG CRYPTO (@egragcrypto) December 10, 2024
Tesla’s Historical Performance
Tesla’s stock experienced a remarkable turnaround following a steep correction in late 2018. At its lowest point in December 2018, Tesla shares dropped to $12, partly influenced by CEO Elon Musk’s appearance on CBS’s 60 Minutes. This decline marked the beginning of a recovery that lasted over 912 days.
Tesla’s initial rebound saw it surpass its previous high of $24, reaching $58 in April 2020. The rally accelerated in the subsequent months, with Tesla achieving $170 later that year. By November 2021, Tesla peaked at $410, marking a dramatic shift from its earlier struggles.
XRP’s Market Dynamics
EGRAG compares Tesla’s price action and XRP’s current market position. XRP recently experienced a notable drop following Ripple CEO Brad Garlinghouse’s appearance on 60 Minutes in December 2024. After trading at a peak of $2.90 on December 3, XRP has since declined, reaching its current price of $2.22 after a slight 1.97% gain.
This downward trend has been exacerbated by hawkish commentary from the Federal Reserve, leaving XRP approximately 20% below its December high.
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Technical analysis reveals a critical support level at $2.1244, which could aid the digital asset’s recovery. However, EGRAG predicts a steeper correction may occur before the expected rally, with prices possibly dropping as low as $1.20.
XRP Path to $41
Despite the anticipated short-term decline, EGRAG maintains a bullish long-term outlook for XRP. He projects that after reaching a low of $1.20, XRP could rebound to $2.40 before surging to $5.60, marking a new all-time high. Following this breakout, the asset is expected to rally further, reaching $17 and ultimately hitting the $41 target within the 91-day timeframe.
EGRAG attributes the faster timeline to the accelerated pace of the cryptocurrency market compared to traditional stocks.
EGRAG’s analysis provides a bold projection for XRP’s price performance, drawing on historical data from Tesla’s meteoric rise. While the short-term outlook suggests further corrections, the potential for a significant recovery remains high.
If XRP achieves the anticipated 1,667% increase, it would mark a historic rally for the digital asset, setting new benchmarks for its future performance.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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