In a recent analysis, prominent crypto analyst EGRAG CRYPTO (@egragcrypto) presented a bold prediction for the future price of XRP, suggesting that the cryptocurrency could surge to a staggering $40.
This ambitious target, which represents a 6,425% increase from XRP’s current value of $0.613, has sparked excitement and skepticism among XRP enthusiasts.
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The chartist’s prediction is based on a technical analysis of XRP’s price movements on the weekly chart. He points to the formation of an ascending triangle, a pattern characterized by a series of higher lows and a flat upper trendline. This pattern suggests that a significant breakout is imminent, and EGRAG CRYPTO believes that the $2 price level will catalyze this breakout.
According to the analyst, once XRP breaks through the $2 resistance, it could witness a resurgence of FOMO (fear of missing out) and intense buying pressure, pushing the price up to $40, his price target. However, he acknowledges that the current bearish market conditions, triggered by the Binance situation, could pose a short-term challenge for XRP.
At the time of press, XRP is up 5.12% in the last 24 hours, and EGRAG CRYPTO remains optimistic about XRP’s long-term prospects.
He highlights the cryptocurrency’s strong fundamentals, including its significant adoption by financial institutions and its potential to revolutionize cross-border payments. He also points to Ripple Labs, the major distributor of XRP, which has been making significant progress in expanding its partnerships and developing new use cases for XRP.
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Community Reactions
EGRAG CRYPTO’s bullish prediction for XRP is not without its critics. One user stated that XRP at $40 would not happen anytime soon, and another claimed that the analyst had never gotten a prediction right, comparing him to a fish out of water flopping.
Another user described Ripple’s CEO Brad Garlinghouse and Ripple’s Chief Technology Officer (CTO) David Schwartz as pathetic, citing the $2 target as useless compared to the effort and resources spent.
However, EGRAG CRYPTO’s supporters commended him for his consistent optimism about XRP. The digital asset’s inability to reclaim and surpass its all-time high has left many in the community with doubts about the token’s future.
Ultimately, whether or not XRP will achieve this ambitious target remains to be seen. However, EGRAG CRYPTO’s prediction has given hope to some investors who are willing to stick with the token.
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