Renowned XRP analyst EGRAG has created a firestorm of excitement and skepticism with his bold prediction for the cryptocurrency. EGRAG, known for its bullish XRP views, is calling for a potential 90% upside in the near future, with a price target of $1.20. This prediction is based on a technical pattern identified by EGRAG: a “W” wave formation on the 3-day chart of XRP, which it believes historically precedes bull runs.
XRP Long-Term Outlook
The prediction has sent ripples through the XRP community. Enthusiasts are heartened by the prospect of such a significant price increase. However, the prediction is not without cracks. EGRAG itself acknowledges a potential worst-case scenario in which XRP could fall 30% to around $0.44. This is making some investors wary and questioning the possibility of a return to such lows.
#XRP Wave 10 ($1 – $1.2) 🌊🔟:
The 10th ‘W’ pattern fits exceptionally well with the current market situation, indicating a potentially important move.
Target prices remain consistent:
1) Non-logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY STABLE and appreciate the… pic.twitter.com/PS6xZi1FFv— EGRAG CRYPTO (@egragcrypto) March 24, 2024
Bitcoin is now trading at $71.123. Chart: TradingView
Complex market dynamics
However, analysts urge caution when interpreting such technical indicators. While historical patterns can provide valuable insights, they are no guarantee of future performance. The cryptocurrency market remains notoriously volatile and unforeseen events can drastically change the price trajectory.
Complicating the picture further is the ongoing legal battle between Ripple Labs, the company behind it XRPand the US Securities and Exchange Commission (SEC). The outcome of the lawsuit has the potential to significantly impact the price of XRP. A favorable ruling for Ripple could pave the way for wider adoption and a subsequent price increase. Conversely, an unfavorable judgment could cripple investor confidence and send XRP plummeting.
XRP seven-day price action. Source: Coingecko
Beyond the technical analysis and legal wrangling, XRP’s long-term success depends on its usefulness in the real world. XRP is designed to facilitate cross-border payments and offer faster and cheaper transactions compared to traditional methods. Widespread adoption by financial institutions for this purpose would be a major driver of XRP’s value.
Despite the negativity, #XRP closes its quarterly candle #March by breaking through the multi-year resistance. There is still a week to close the last candle.
Above;
Initial targets will be $1.8815-$5.8563 (NFA).
Enjoy your day!#ripple pic.twitter.com/YzZIWaOhFR
— Dark Defender (@DefendDark) March 24, 2024
Meanwhile, the asset’s recent price correction hasn’t deterred pro-XRP analysts, who believe it could be the start of a massive rally in the near future.
Dark Defender, an X user, pointed out that XRP has already seen two consecutive quarterly green candles in the past six months. A third candle of this kind, according to the analyst, would cause an exponential increase that would increase the price of the token to between $1.88 and $5.85.
Featured image from Pixabay, chart from TradingView