Prominent crypto analyst EGRAG CRYPTO has painted a bullish scenario for XRP, projecting significant growth despite challenging market conditions. In a recent analysis shared on X (formerly Twitter), EGRAG laid out two potential pathways for XRP during the current bull market, suggesting that the cryptocurrency could reach as high as $6 under certain conditions.
Two Approaches For XRP’s Growth Potential
EGRAG’s analysis draws heavily from historical data and technical indicators, focusing on two key approaches to forecast XRP’s price movements. Using chart patterns, EGRAG compared the present market setup to XRP’s performance during the SEC lawsuit in December 2020, when the token faced a massive sell-off before staging a 10x recovery. He suggests a similar rebound could be possible today, even after XRP’s recent slump triggered by the SEC’s appeal.
At present, XRP has found solid support around the $0.52 level, despite a recent drop of over 7% following the SEC’s actions. This decline has extended to a 19% fall over the course of four days. However, EGRAG believes this is only a temporary setback. His charts show XRP potentially climbing to $5 or even $6, with a bullish extension targeting the Fibonacci 1.618 level at $6.5.
XRP’s Path to Recovery – Key Levels to Watch
For XRP to reach these targets, it must first break through critical resistance levels. According to EGRAG, the $1.97 mark, aligned with the 0.702 Fibonacci retracement level, is a key threshold. Another important milestone is the $3.51 level, which corresponds to the Fibonacci 1.0 level. If XRP can surpass this point, it could pave the way for further upward movement, potentially leading to EGRAG’s projected $6 target.
EGRAG’s analysis is significant as it comes during a time of uncertainty for XRP. The token has been battling headwinds ever since the SEC’s appeal, which has cast a shadow over the broader market. Despite this, XRP’s resilience around the $0.52 support level signals potential for recovery.
Bitcoin’s Role in XRP’s Future Price
EGRAG’s second approach focuses on the correlation between Bitcoin’s price movements and XRP’s performance. During the 2021 bull run, Bitcoin surged to an all-time high of $68,000, with XRP peaking at $1.96 around the same time. EGRAG’s projections suggest a similar relationship could play out in the next bull cycle.
If Bitcoin reaches a new all-time high of $74,000, EGRAG predicts XRP could rise to $2.31. In an even more optimistic scenario where Bitcoin surges to between $80,000 and $100,000, XRP’s price could climb as high as $2.88, depending on the overall market sentiment.
Also Read: XRP Price Plunges 15% Amid Legal Turmoil: Is This a Buying Opportunity?
As of now, XRP is trading at around $0.53, having recovered 1.6% in the past 24 hours. While the recovery is modest, the stability around $0.52 hints at a possible upward trend as the market begins to recover from the SEC-induced downturn.
EGRAG CRYPTO’s analysis presents a compelling case for XRP’s growth potential during the current bull market. With projections ranging from $2.31 to $6, XRP could be poised for a major rally—especially if Bitcoin reaches new heights. Despite recent challenges, XRP’s ability to hold key support levels suggests that the altcoin is ready for a resurgence, making it a token to watch in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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