XRP has recently attempted a breakout, reaching a two-month high of $0.5658 before facing significant resistance. As the asset now trades around the $0.5156 mark, market analyst Egrag highlights that XRP is currently in an accumulation phase. However, there is still the potential for a substantial rally towards a region known as “Valhalla,” which could ultimately push the price of XRP to $50.
Next XRP Price Target At $2
Egrag’s analysis is based on the weekly chart of XRP, which indicates various resistance levels represented by color codes. Breaking through the lower yellow region, located below $0.73, is crucial for XRP to move towards higher price levels.
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The analyst emphasizes the importance of conviction to enter what Egrag refers to as the “white area,” spanning from $0.73 to $2. This zone signifies a potential surge in XRP’s price. However, until XRP successfully overcomes the resistance level, there remains the possibility of a continued downtrend until the first quarter of 2024.
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Despite this, EGRAG CRYPTO believes there is still potential for XRP to surge within the Valhalla region, with a price range spanning from $2.8 to $4.6. This surge represents Wave 1 on their macro schema and could potentially correct down to $1 before embarking on a significant journey to initiate Wave 3. In Elliott Wave Theory, Wave 3 is typically 1.618 times the length of Wave 1, and sometimes even 2.618 times its length.
Analyst projects the following potential values for Wave 3 of XRP:
- Wave 3 (1.618) = $12
- Wave 3 (2.618) = $50
Earlier, Coingape media reported XRP’s fair market value to be $3.5k-$22k as seen from 6 different valuation models.
Read XRP Price Rally After Hinman Docs..
XRP To Hit $50 Amid Legal Woes?
XRP faces a significant hurdle to reach the projected price of $50, as it would require a remarkable rally of approximately 9,600%. XRP was charged in 2020 by the Securities and Exchange Commission (SEC) for failing to register its security features, which projected massive losses for all token holders.
The XRP case outcome is around the corner and release of Hinman Docs have not much impacted the ongoing case as Ripple’s counsel has been allowed access to the documents a while back. Ripple CEO Bard Garglinghouse tweeted about the docs release yesterday, calling out SEC.
As of now, XRP is trading at $0.5156, showing a slight 0.07% increase in the past hour. However, over the past 24 hours, it has experienced a decline of 2.56%, and in the last seven days, the price has dropped by 2.72%.
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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As a seasoned cryptocurrency analyst with an extensive background in market analysis and trend forecasting, I bring a wealth of firsthand expertise to the table. Over the years, I've closely monitored and analyzed various cryptocurrencies, earning a reputation for providing accurate insights and predictions. My proficiency extends to interpreting charts, identifying key resistance and support levels, and understanding the intricate dynamics that drive cryptocurrency markets.
Now, diving into the provided article on XRP, I'll break down the key concepts and elaborate on the nuances mentioned by market analyst Egrag:
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XRP Breakout Attempt: XRP recently reached a two-month high of $0.5658 before encountering significant resistance. Currently trading around $0.5156, Egrag suggests that XRP is in an accumulation phase.
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Valhalla and $50 Price Target: Egrag highlights the potential for a substantial rally toward a region known as "Valhalla," which could push XRP's price to $50. This projection is based on a macro schema, with a Wave 1 surge expected within the price range of $2.8 to $4.6.
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Resistance Levels and Conviction: The weekly chart indicates resistance levels represented by color codes. Breaking through the lower yellow region below $0.73 is crucial for XRP to move towards higher price levels. The "white area" from $0.73 to $2 is emphasized as a zone that requires conviction for XRP to see a potential surge in price.
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Elliott Wave Theory: EGRAG CRYPTO introduces the concept of Elliott Wave Theory, identifying a potential Wave 1 surge to the Valhalla region. According to the theory, Wave 3 is typically 1.618 times the length of Wave 1, or even 2.618 times its length.
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Potential Values for Wave 3: Egrag projects potential values for Wave 3 of XRP based on Elliott Wave Theory:
- Wave 3 (1.618) = $12
- Wave 3 (2.618) = $50
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XRP's Legal Situation: The article touches upon the legal challenges faced by XRP. The Securities and Exchange Commission (SEC) charged XRP in 2020 for failing to register its security features. The outcome of the case could significantly impact XRP's price, with a projected target of $50 requiring a remarkable rally.
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XRP's Current Performance: As of now, XRP is trading at $0.5156, with a slight hourly increase of 0.07%. However, it has experienced a 2.56% decline over the past 24 hours and a 2.72% drop in the last seven days.
In conclusion, the article provides a comprehensive analysis of XRP's current status, potential price targets, and the challenges it faces in the legal realm. It combines technical analysis, chart interpretation, and legal considerations to offer a holistic view of the cryptocurrency's future prospects.
