- Crypto market analyst Egrag suggests XRP, currently in an accumulation phase, has the potential to rally to an astonishing $50.
- Despite legal challenges and the need for a 9,600% rally, Egrag’s analysis based on Elliott Wave Theory lays out the roadmap for XRP’s significant price surge.
In recent times, XRP has endeavored to break out, reaching a two-month pinnacle of $0.5658 before encountering considerable resistance. Now trading around the $0.5156 threshold, Egrag, a seasoned market analyst, suggests XRP is in an accumulation phase. Notwithstanding, there exists the prospect for a substantial rally, potentially catapulting the XRP price to the ‘Valhalla’ region, a striking $50.
According to Egrag’s scrutiny of XRP’s weekly chart, there are several resistance levels depicted through color codes. For XRP to traverse higher price domains, breaking through the lower yellow zone, situated beneath $0.73, is pivotal.
Egrag underscores the need for conviction to penetrate the ‘white area,’ ranging from $0.73 to $2. This sphere signifies a potential surge in XRP’s price. Nevertheless, unless XRP successfully navigates past the resistance level, there exists the probability of a persisting downtrend until the initial quarter of 2024.
EGRAG CRYPTO still holds optimism for XRP’s surge within the Valhalla region, with a price range spanning from $2.8 to $4.6. This surge represents Wave 1 on their macro schema and could potentially correct down to $1 before embarking on a noteworthy journey to initiate Wave 3. According to the Elliott Wave Theory, Wave 3 is typically 1.618 times the length of Wave 1, and occasionally even 2.618 times its length. This leads Egrag to project the following potential values for XRP’s Wave 3: $12 (1.618 times the length) and $50 (2.618 times the length).
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However, a shadow hangs over XRP’s potential rally. To reach the predicted $50 price, XRP would necessitate an extraordinary rally of roughly 9,600%. The cryptocurrency was charged in 2020 by the Securities and Exchange Commission (SEC) for neglecting to register its security features, leading to significant losses for token holders.
Regardless of the imminent verdict on XRP’s case and the minimal impact of the recently released Hinman Documents on the ongoing trial, XRP stands at $0.5156, witnessing a slight 0.07% increase in the past hour. However, in the past 24 hours, there’s been a 2.56% decline, and over the last seven days, the price has fallen by 2.72%.
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