Prominent crypto analyst, Egrag, recently released two distinct price points for XRP. Egrag’s new projection, which concentrated on technicality and rationality, predicted an imminent spike in XRP price to $10 or $124.
The crypto analyst spotlighted XRP’s potential legal clarity as a distinguishing factor from other crypto assets.
Read Also: XRP Price Surges Amid Increasing Optimism in the Ripple vs. SEC Legal Battle
Egrag’s analysis began by looking into the possibility of history repeating itself and implying that XRP’s past performance may offer insights into its future trajectory.
Based on findings, Egrag’s analysis which was said to focus on historical imprints emanated from a rational outlook on XRP’s price movements. This logical point of view suggested that XRP could emerge as the only digital asset with explicit regulatory guidelines; this would be crucial for the token’s price surge.
Analyzing price protection, Egrag adopted trading proverbs and historical patterns, identifying a critical Fibonacci level of 1.618 at the $10 price mark, implying that a $10 price surge could soon set in for XRP.
Egrag was not done yet, he went on to extend the target up to a Fibonacci level of 2.618, and it got pegged at the $124 price level. Per Egrag, XRP’s spike would proceed without significant resistance, and XRP leveraged the rare opportunity to hit the $124 market worth.
Read Also: Expert Chartist Says This Wave 3 Trend Can Send XRP Price to $12 or $50. Here’s the Timeline
Taking cognizance of XRP’s current price implies that the cross-border token would spike by at least 1,920% and 24,950% if it must attain the predicted $10 and $124 price levels, respectively.
Remarkably, XRP in the past spiked even by a far greater percentage when it surged from the $0.00564 price it closed in August 2013 to a high of $2.47 in December 2017, indicating an incredible 43,695% spike within a three years interval.
However, Egrag cautioned that even though XRP seemed to replicate similar gains in the past, a 249.5x price surge does not appear very feasible. Nonetheless, an XRP community member asserted the possibility of XRP repeating a historical pattern, which would see the token experience a more extended period of sideways movement this time. Egrag admitted that such a possibility exists.
Read Also: Google’s Bard Opinion on XRP Price for the End of 2023. States Factors to Aid Price Rise
In a bid to establish a stronghold over the $0.50 price level, XRP appears to be changing hands at the $0.4942 market price. Per CoinGecko, XRP tokens now trade for $0.510289, reflecting a 3.1% spike. XRP’s all-time low and all-time high for the past week were $0.463358 and $0.520736, respectively, implying that the token may take some time to break the resistance level.
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