The excitement that the recently released Hinman emails brought to the XRP community only left little impact on the price of XRP. However, XRP enthusiasts remain optimistic to see a new price level that will make the determined investors smile to the bank in the long run.
In this regard, a popular strategist in the community, Egrag, is calling for a bullish trend for the digital asset with a definite timeline.
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As the price of XRP is back above $0.50 after a downturn initiated by the lawsuits filed by the SEC against Binance and Coinbase, Egrag said the digital asset is currently in the accumulation phase. The analyst stressed that a potential surge to a price region he identified as Valhalla could take XRP to $50.
Egrag made this disclosure after observing the XRP chart on a weekly time frame. He assessed the price movement using a color code indicator on the chart.
Egrag noted:
“A color code signal indicates the path to Valhalla: Currently, we remain in the accumulation zone until we break through the lower yellow region. Conviction is needed for XRP to enter the white area. Until then, a drag is possible until Q1 2024.
According to the chartist, Wave 1 of XRP’s bullish trend would send its price to the $2.8 and $4.6 range. However, after touching the top of Wave 1, a correction to $1 could play out before embarking on a parabolic trend he referred to as Wave 3, which would take its price up to $12 and even $50.
“There’s still potential for XRP to surge towards the low end of the Valhalla region, ranging from $2.8 to $4.6. This move marks Wave 1 on the macro schema and may correct down to $1 before embarking on a massive and challenging journey to initiate Wave 3. Wave 3 tends to be 1.618 times the length of Wave 1, and sometimes even 2.618.
“Projected values for Wave 3: Wave 3 (1.618) = $12. Wave 3 (2.618) = $50.”
#XRP A color code signal indicates the path to Valhalla:
Currently, we remain in the accumulation zone until we break through the lower yellow region. Conviction is needed for #XRP to enter the white area. Until then, a drag is possible until Q1 2024.
There's still potential… pic.twitter.com/Ay85b558Mt
— EGRAG CRYPTO (@egragcrypto) June 13, 2023
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In conclusion, the analyst urged the XRP Army to stay steady and patient. He said with an investment in XRP, a potential for generational wealth is within reach.
At the time of press, XRP is trading at $0.5032, with a relatively 1% price downtrend in the last 24 hours.
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