In the past 24 hours, XRP has seen a significant decline, falling below the key support level of $0.50. This drop has raised concerns among investors as maintaining a price above $0.50 was seen as crucial for the token to break out of its consolidation phase below $0.60. However, despite the bearish sentiment, cryptocurrency analyst Egrag Crypto has suggested that XRP may be poised for a major price increase with ‘legendary’ upside potential.
In a recent analysis posted on X (formerly Twitter), Egrag Crypto indicated that XRP could experience a 41% increase in price. The analysis pointed to a macro view of the token’s chart, describing it as “insanely bullish” and highlighting the need for a 41% price surge to reach a critical point on the chart. The analyst drew parallels to a similar surge in 2017, noting that Fibonacci 1.618 was identified as the ultimate target for the rally.
While the analysis suggested that XRP could see double-digit gains based on measured moves and Fibonacci targets, it also warned investors to exercise caution and implement strong risk management strategies. The recent sharp decline in XRP’s price has sparked speculation about its future, particularly with Ripple transferring 200 million XRP tokens to an unknown wallet. There have also been rumors about Ripple potentially moving away from XRP in favor of its stablecoin.
Despite XRP’s lackluster performance and ongoing legal issues with the SEC, Ripple has made strides in its business operations, including a recent partnership with Clear Junction to facilitate instant and secure GBP and EUR-denominated payouts for its payment customers. At the time of writing, XRP was trading at $0.49, down almost 7% in the last 24 hours and 5% on the weekly chart.
The token’s technical indicators reflect the bearish sentiment surrounding XRP, with a ‘strong sell’ sentiment dominating the one-day gauges summary from TradingView. However, oscillators present a ‘neutral’ stance. If XRP can replicate the price movement seen in 2017, it could potentially alleviate concerns among investors who see XRP lagging behind established cryptocurrencies like Bitcoin and Ethereum. It is important to note that the content on this site should not be considered investment advice, as investing in cryptocurrencies is speculative and carries risks.
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