Cryptocurrency analyst EGRAG CRYPTO (@egragcrypto) has sparked debate with a daring forecast for XRP, envisioning a potential 10,000% surge to $26.57, albeit preceded by a 40% or 72% price collapse. This analysis comes amid XRP’s ongoing downtrend which has raised crucial questions for investors.
The chartist’s analysis hinges on the critical observation that XRP’s price has been trapped within a descending channel on the monthly time frame since its April 2021 peak of $1.96. This trend signifies consistent monthly declines, and he foresees one further price drop before a bullish reversal.
#XRP Painometer:
Monthly TF provides clarity & removes all fudginess
Plausible worse case scenario is dropping 40% or 72% but on the bright side a potential 10,000% gains
Choose ur pain: Pain of losing couple of %'s or pain of losing 10,000 % gains#XRParmy #XRPHolders pic.twitter.com/sutPlN1TQ2
— EGRAG CRYPTO (@egragcrypto) December 9, 2022
Read Also: Analyst: XRP is the Only Crypto with Clear Legal Status of a Non-Security Asset, Targets $125
Potential 40% or 72% Slump for XRP
The analyst predicts a worst-case scenario of a 40% or even 72% decline, potentially pushing XRP down to $0.24 – a level not seen since January 2021. However, EGRAG CRYPTO emphasizes that this dip is not the end but a necessary precursor for the anticipated surge.
XRP’s current underperformance has caused significant discontent among investors, with prominent XRP community members calling on Ripple executives to take action. A further decline could discourage more investors, and cause selloffs. However, EGRAG CRYPTO believes the price decline is not the end.
Bullish Resurgence with an Astronomical Target
Following this projected slump, EGRAG CRYPTO envisions a dramatic bullish resurgence. He suggests that XRP could breach the descending channel and overcome multiple resistance points, including its previous all-time high which aligns with the Fibonacci 1 zone, and $8.34.
The analyst’s most audacious prediction centers around a potential 10,000% upswing, propelling XRP to a staggering $26.57 according to his chart. This target aligns with EGRAG CRYPTO’s long-held belief in XRP’s potential to reach $27.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP to $412? Top Analyst Shares Historical Path To 75,000% Rally
XRP’s Market Performance
Despite EGRAG CRYPTO’s optimism, XRP’s recent performance has been lackluster. While Bitcoin soared to a 26-month high of $50,000, XRP failed to reclaim the $0.54 mark since it fell below it on January 22.
Currently, XRP is trading at $0.5298, up 2.13% in the last 24 hours. XRP’s 24-hour trading volume has also experienced a 30.87% surge, indicating a rising interest from investors.
EGRAG presents investors with an interesting proposition. If they can endure a 40% to 72% decline, they could potentially witness a 10,000% rise.
Meanwhile, an expert recently described XRP as a gateway to financial prosperity with minimal risks. The digital asset has immense potential, and a breakout from the current slump could be historic.
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