XRP Set for Monumental Growth as Historical Trend Poised to Repeat
XRP witnessed a significant drop in value over the past day, breaking through the important support level of $0.50. Maintaining a price above this mark was crucial for the token to break free from its prolonged consolidation below $0.60.
In a recent analysis shared by cryptocurrency analyst Egrag Crypto on X (formerly Twitter) on June 7, it was suggested that XRP is on the brink of a potentially ‘legendary’ uptrend despite the current bearish sentiment.
The analysis indicated that XRP could see a 41% increase in value, with a macro view of the token’s chart described as “insanely bullish.” The expert pointed out the necessity of a 41% price surge to reach a key point on the chart, drawing parallels to a similar surge seen in 2017. While the exact percentage increase was not pinpointed, Fibonacci 1.618 was identified as the ultimate target for the rally.
The analyst emphasized the need for caution despite anticipating double-digit gains for XRP, advising investors to implement strong risk management strategies.
Several factors are contributing to XRP’s current state amid the bullish prediction, including Ripple’s transfer of 200 million XRP tokens to an unknown wallet, sparking speculation about the token’s future. Speculation about Ripple potentially moving away from XRP to focus on its stablecoin has also circulated.
Despite XRP’s lackluster performance and ongoing legal uncertainties with the SEC, Ripple has made significant progress in its business operations, such as its recent partnership with Clear Junction to facilitate instant and secure GBP and EUR-denominated payouts for Ripple’s payment customers.
As of the latest update, XRP was trading at $0.49, with a 7% correction in the last 24 hours and a 5% decline on the weekly chart. Technical indicators reflect a bearish sentiment surrounding XRP, with a ‘strong sell’ sentiment dominating the one-day gauges summary from TradingView.
In conclusion, if XRP mirrors the 2017 movement, it could potentially alleviate concerns among investors who feel the token has not kept pace with established peers like Bitcoin (BTC) and Ethereum (ETH).
