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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Crypto Analyst Explains Why XRP Will Not Fall To $0.10

Eli Dambel
Eli Dambel
1 year ago
3 mins read
This Expert Claims XRP Might Slide To $0.10, But There's A Catch

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Created by industry experts and meticulously reviewed
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XRP price is trading sideways alongside most cryptocurrencies in the market today. The coin had been trading above $0.5 until April 21, when a bearish wave pushed it below $0.45 to $0.43. The token has witnessed a slight recovery above $0.46 today.

As a result, crypto enthusiasts fear a further decline in XRP. Notably, a prominent crypto analyst shared a post responding to his friend’s forecast of XRP slumping to $0.10, but Egrag’s response was that technical indicators on XRP price don’t support such a price decline. 

No Technical Indicator Supports Dropping To $0.10, Says Egrag

The ongoing market-wide downturn has caught up with XRP, its price has been gaining momentum over the past few weeks. The coin succumbed to the bearish trend, pushing it to lose its past week’s gain by 9.87%. This downturn has stirred reactions among the crypto community, with people, including Egrag’s friend speculating a drop back to $0.10.

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However, Egrag reacting to his friend’s forecast, said it was a wrong call. The analyst shared some technical insights for XRP in response to the friend’s prediction. Egrag noted that XRP’s movements aligned with his predetermined technical indicators like the Fibonacci targets. And no technical indicator or Fibonacci targets support the idea of Ripple’s native coin price correction to $0.10.

Egrag said his friend’s forecast seems more like a personal speculative opinion than an analytic insight. He further noted that while a price correction to $0.10 is possible, the probability is slim and not as low as his friend speculates. Nevertheless, sudden regulatory enforcement could stir up such a price drop for XRP.

Egrag argued that while crypto assets have some immunity against bearish economic events, their prices are still susceptible to unforeseen occurrences. Therefore, any notable XRP price decline to $0.10 would rather be due to a regulatory action instead of mere market forces. 

So, Egrag concluded that a price fall to $0.10 for XRP is technically impossible without unfair regulations. He encouraged the XRP Army to remain steadfast in support of the token as a significant price correction presents a buying opportunity.

XRP Price Outlook

Meanwhile, the XRP community anticipates the summary judgment for the Ripple vs. SEC lawsuit regarding the token’s status as a security. 

Related Reading: Shiba Inu Gets Stuck In Price Range – Will SHIB Break Free?

Experts speculate the outcome of this lawsuit will cause a notable change in the crypto market. Attorney John Deaton, Amicus Curiae in the XRP lawsuit, forecasted that a ruling might come before May 6. 

XRP price often surged when Ripple hit some breakthroughs in the lawsuit. However, at press time, XRP is trading at $0.465, indicating a minor price recovery.

This Expert Claims XRP Might Slide To $0.10, But There's A Catch
XRP is slightly surging l XRPUSDT on Tradingview.com

The token has surrendered its 14-week price gains by 8.6%, with a seven-day price decline of 11.3% due to the market-wide onslaught. XRP’s current price move aligns with Egrag’s previous prediction that the token could pull back between $0.43 and $0.48.

Featured image from Pixabay and chart from Tradingview

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Eli Dambel
Eli Dambel

Eli Dambel

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future.

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You can follow Eli on Twitter: @EliDambel

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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