A well-known crypto analyst, EGRAG CRYPTO, has outlined a potential scenario for XRP during the current bull market. His projections suggest that even under adverse market conditions, XRP could see significant growth, reaching up to $6.
In a recent analysis shared on X, EGRAG CRYPTO explored two different approaches to predict XRP’s trajectory. He presented charts to support his predictions, using historical data and technical analysis. His analysis comes as XRP faces challenges, particularly following a decline linked to broader market conditions.
XRP’s Recovery Potential Amid SEC-Related Downturn
EGRAG’s first approach compares the present market setup to the situation in December 2020, when XRP experienced a steep decline following the U.S. Securities and Exchange Commission’s (SEC) lawsuit. Despite the legal difficulties, the token rebounded, increasing tenfold from its lowest point.
EGRAG suggests that XRP could similarly recover if the current downturn, spurred by the SEC’s recent appeal, follows the same pattern. He indicated that the token might rise to $5 or $6 if it follows this historical precedent. The Fibonacci 1.618 level stands at $6.5, signaling that XRP could reach this level during a bullish extension.
This perspective is grounded in recent events. After the SEC filed its appeal, XRP’s value dropped by over 7%, extending to a 19% decline over four days. However, the $0.52 support level has held firm, as evidenced by the chart EGRAG presented. On the resistance side, $1.97 aligns with the 0.702 Fibonacci retracement level, a critical threshold for XRP to break through if it hopes to reach higher targets.
Another mid-term goal for XRP, according to EGRAG, is the $3.51 mark, which corresponds with the Fibonacci 1.0 level. If the digital asset successfully surpasses this level, it could pave the way for further upward movement, potentially leading to the $6 target.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Bitcoin’s Role in XRP’s Future Performance
EGRAG’s second approach correlates Bitcoin’s price movements and XRP’s performance. During the 2021 bull run, Bitcoin surged to $68,000, with XRP peaking at $1.96 during the same period. Based on this relationship, EGRAG outlined scenarios tied to Bitcoin’s potential growth in the next bull cycle.
Should Bitcoin hit a new all-time high of $74,000, XRP could rise to $2.31 according to EGRAG’s projections. In a more bullish scenario where Bitcoin reaches between $80,000 and $100,000, XRP’s price could rise further, potentially reaching as high as $2.88 or more, depending on broader market momentum.
During EGRAG’s analysis, XRP traded at approximately $0.53, reflecting a modest 1.6% recovery in 24 hours. While this recovery is modest, the fact that XRP has stabilized around the $0.52 support level suggests that the altcoin is beginning to regain strength following the sharp decline triggered by the SEC’s recent actions.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
