Hold Onto Your Seats: XRP Primed For 90% Rally, According To Top Analyst

Christian Encila

1 year ago

5 mins read

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Renowned XRP analyst EGRAG has ignited a firestorm of excitement and skepticism with his bold prediction for the cryptocurrency. EGRAG, known for his bullish XRP stances, is calling for a potential 90% surge in the near future, with a target price of $1.20. This forecast hinges on a technical pattern identified by EGRAG – a “W” wave formation on XRP’s 3-day chart, which he believes historically precedes bull runs.

XRP Long-Term Outlook

The prediction has sent ripples through the XRP community. Enthusiasts are buoyed by the prospect of such a significant price jump. However, the forecast is not without its cracks. EGRAG himself acknowledges a potential worst-case scenario where XRP could plummet by 30% to around $0.44. This has some investors wary, questioning the possibility of a revisit to such lows.

#XRP Wave 10 ( $1 – $1.2) 🌊🔟:

The 10th “W” Pattern is exceptionally well-aligned with the current market setup, signaling a potentially significant move.

Target Prices Remain Consistent:

1) Non-Logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY STEADY and Appreciate the… pic.twitter.com/PS6xZi1FFv

— EGRAG CRYPTO (@egragcrypto) March 24, 2024

Furthermore, EGRAG emphasizes that his bullish outlook extends far beyond the immediate future, projecting an astonishing long-term target of $27 for XRP by November. This audacious forecast is rooted in his meticulous analysis of XRP’s current moving averages juxtaposed with those observed during the remarkable price surge of 2017.

Drawing parallels between the two periods, EGRAG highlights the uncanny resemblance, hinting at the potential for history to repeat itself with a resurgence akin to the explosive growth witnessed in the past. He underscores the importance of considering historical patterns and market dynamics in shaping his optimistic perspective, indicating a belief in XRP’s capacity for substantial growth over the coming months.

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 offer valuable insights, they are not guarantees of future performance. The cryptocurrency market remains notoriously volatile, and unforeseen events can drastically alter price trajectories.

Further complicating the picture is the ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC). The lawsuit’s outcome holds the potential to significantly impact XRP’s price. A favorable ruling for Ripple could pave the way for wider adoption and a subsequent price increase. Conversely, an unfavorable verdict could cripple investor confidence and send XRP tumbling.

XRP seven-day price action. Source: Coingecko

Beyond the technical analysis and legal wrangles, XRP’s long-term success hinges on its real-world utility. XRP is designed to facilitate cross-border payments, offering 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 is closing its three-monthly candle in #March by breaking the multi-year resistance. There is one week left to close the last candle.

Above it;

The 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 this might be the start of a huge rally in the near future.

Dark Defender, an X user, pointed out that in the last six months, XRP has already seen two straight three-monthly green candles. A third candle of this kind, according to the analyst, would spark an exponential rise that raises the token’s price to between $1.88 and $5.85.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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