As a seasoned crypto investor with over a decade of experience in this dynamic market, I find Egrag Crypto’s analysis not only insightful but also reassuring in these turbulent times. Having weathered numerous regulatory storms and price fluctuations, I’ve learned to appreciate the resilience of cryptocurrencies and their ability to bounce back.
Yesterday, on Wednesday, the United States Securities and Exchange Commission (SEC) officially prolonged their legal battle against Ripple by submitting an Appeal Notice regarding Judge Torres’ decision. This development led to XRP‘s price dropping over 10%. Nevertheless, crypto expert Egrag Crypto (@egragcrypto) remains optimistic, suggesting that the existing bullish setup remains intact and a target of $7.50 is still anticipated for this current bull market rally.
Why $7.5 Is Still Possible For XRP Price
Egrag’s findings, communicated through X, underscore the resilience in the XRP market dynamics despite facing external challenges. He pointed out, “I understand it might seem like the SEC appeal spells doom, but here’s a surprise! The chart has been indicating a retest was imminent! My post from yesterday was right on the money. I explicitly stated: ‘You might be tired of hearing ‘retest, retest,’ but HEED MY VOICE: the range between $0.5428 and $0.5375 remains relevant!’
With his chart analysis, Egrag reassures holders that the foundational trading strategies should not be swayed by the legal noise. The analyst outlines two crucial trend lines which he terms the “Atlas Line” and the “Genuine Wake-Up Line.”
For over four years, the trend lines for XRP‘s price have been predominant. The “Atlas Line” acts as a foundation for the support level during the bull run, meaning that if the price stays above this line, the positive forecast remains intact. On the other hand, the “Real Wake-Up Line” must be breached to signal a move into bullish territory.
Egrag agrees that the price of XRP may occasionally deviate from its trend lines, but maintains that the technical analysis strategy remains robust. On a broader scale, if XRP doesn’t drop below $0.28, there’s no cause for concern. However, don’t anticipate a significant bull run until XRP closes above $0.75. The price may still dip to around $0.43, but this doesn’t alter the overall big-picture outlook.
The analyst remains steadfast even in volatile times, stating, “So, what’s next? NOTHING has changed: XRP IS STILL NOT A SECURITY.” He continues to challenge the prevailing market reactions and encourages looking beyond immediate fluctuations, emphasizing the importance of technical indicators over market sentiments fueled by regulatory actions.
His stated “Critical Target Level” of $7.50 indicates a firm belief in the future growth trend of the crypto asset, even considering recent market downturns. This ambitious target surpasses the current price points significantly, requiring a potential surge of over 1,300% for the price to reach that level.
In simpler terms, Egrag says, “Speaking to both the community members and those with doubts, he explains that the ‘in-between’ is merely noise. He acknowledges that this noise might seem unpleasant to beginners, but experienced individuals (OGs) understand it’s just more time to accumulate. Surprisingly, he’s glad about this appeal because it allows his other coins to increase in value. When they do, he plans to invest all the profits into XRP.
At press time, XRP traded at $0.5238.
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2024-10-03 23:10