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In a comprehensive XRP analysis, distinguished chartist EGRAG has identified a remarkable potential for the cryptocurrency to surge by an astonishing 10,000%, aiming for the $26.9 mark amidst the formation of a descending channel.
Market Downtrends
The analysis comes when XRP grapples with sustained downtrends amidst prevailing bearish market conditions. EGRAG's accompanying monthly chart illustrates that the cryptocurrency has consistently recorded monthly declines since its downturn from the $1.96 high in April 2021.
These successive monthly drops have contributed to the formation of a descending channel. Despite this downward trajectory, the analyst suggests that XRP has not yet completed this phase of downward momentum, anticipating one more price collapse in the near future.
Potential for Temporary Slump
EGRAG outlines a worst-case scenario, wherein XRP could potentially plummet by another 40% to 72%, potentially reaching the $0.24 threshold.
However, the analyst argues that this projected decline would serve as a necessary precursor for XRP to witness a bullish resurgence, laying the groundwork for substantial gains.
According to Crypto Basic, EGRAG envisions a scenario in which XRP could breach the downward trendline upon initiating an upward campaign, overcoming multiple resistance points, including its previous all-time high of $3.31.
Ambitious Price Targets
The chartist boldly asserts that XRP could surpass this pivotal resistance level and aim for new all-time highs, setting its sights on the $8.34 threshold.
Further analysis from EGRAG suggests an ambitious price target of $26.9, representing a monumental 10,000% upsurge—an aspirational goal for XRP.
According to Coinpedia, despite XRP's challenges amidst recent market rallies, EGRAG maintains an optimistic outlook.
While Bitcoin (BTC) has surged to impressive heights, XRP has yet to reclaim significant price zones.
However, EGRAG remains steadfast in his conviction, urging investors to weigh the potential for short-term declines against the immense prospects for long-term gains in the XRP market landscape.
Photo: Mariia Shalabaieva/Unsplash
