XRP recently made headlines with a potential breakout and hitting a two-month high of $0.5658, only to face substantial resistance and settle around the $0.5156 mark. Market analyst Egrag emphasizes that XRP is in an accumulation phase, but there’s still potential for a massive rally towards the “Valhalla” region, which could push the price of XRP to an astounding $50.
Egrag’s analysis focuses on the weekly chart of XRP, showcasing various resistance levels represented by color codes. Breaking through the lower yellow region, situated below $0.73, is essential for XRP to move towards higher price levels. To enter the “white area,” which spans from $0.73 to $2, Egrag stresses the importance of conviction. This zone signifies a potential surge in XRP’s price. However, unless XRP overcomes the resistance level, a continued downtrend remains a possibility until the first quarter of 2024.
EGRAG CRYPTO still envisions XRP within the Valhalla region, ranging from $2.8 to $4.6. This surge, Wave 1 of their macro schema, could potentially correct down to $1 before commencing a significant journey to initiate Wave 3. In Elliott Wave Theory, Wave 3 is typically 1.618 times Wave 1’s length and sometimes even 2.618 times its length. The analyst projects the following potential values for Wave 3 of XRP:
Wave 3 (1.618) = $12
Wave 3 (2.618) = $50
Previously, Coingape media reported XRP‘s fair market value as $3.5k-$22k based on six different valuation models. A price target of $50 for XRP faces a significant hurdle, as it would require a remarkable rally of about 9,600%. XRP’s ongoing legal woes with the Securities and Exchange Commission (SEC) charging the company in 2020 for failing to register security features further complicates matters, leading to hefty losses for token holders.
The outcome of the XRP case is imminent, but the release of the Hinman Docs has not significantly impacted the ongoing trial, as Ripple’s counsel gained access to the documents earlier. Ripple CEO Brad Garlinghouse has been vocal about the case, tweeting about the document release and calling out the SEC.
As it stands, XRP is trading at $0.5156, with a marginal 0.07% increase in the past hour. Over the past 24 hours, it has seen a decline of 2.56%, and in the last seven days, the price has dropped by 2.72%. Caution is advised as the presented content includes the personal opinion of the analyst, and market conditions remain unpredictable. Conduct your thorough market research before investing in cryptocurrencies, and remember the author or publication holds no responsibility for financial losses incurred.
Source: Coingape
