Based on expert analysis by Egrag, XRP appears to be preparing for a significant upward movement that could potentially lead to a price of $50. The recent attempt by XRP to break out encountered strong resistance from bearish market participants. Despite briefly surging to a two-month high of $0.5658, the cryptocurrency was met with robust opposition. Currently trading around the $0.51 level, Egrag, a proficient chartist, emphasizes that this currency exchange is still in the accumulation phase. However, there is a possibility of a noteworthy rally, referred to as “Valhalla” by Egrag, which could ultimately propel the price to $50.
Egrag revealed this information while referring to insights obtained from analyzing a chart based on the weekly timeframe. The analyst employed a color code indicator to assess the movements of XRP.
The indicator used in the analysis consists of four color signals: red, yellow, white, and green. According to Egrag’s assessment, in order for the currency exchange to advance to higher price levels, it must successfully overcome the significant resistance presented by the lower yellow region, which is positioned below the $0.73 mark.
Egrag emphasizes the importance of conviction for XRP to enter what he refers to as the “white area.” This range, spanning from $0.73 to $2, signifies a zone where their price could potentially experience a substantial surge. However, until XRP manages to break through the resistance level represented by the yellow region, there remains a possibility of a downtrend that could persist until the first quarter of 2024.
Price Speculation: XRP’s Long-Term Trajectory Eyes $12 or $50
While maintaining a cautious stance, Egrag emphasizes that there remains noteworthy potential for XRP to experience a surge towards the lower boundary of what he refers to as the “Valhalla region.” Egrag identifies this movement as Wave 1. The lower end of the Valhalla region signifies a price range spanning from $2.8 to $4.6.
If they manages to attain these levels, investors could potentially witness significant profits. However, Egrag cautions that XRP might decline from the lower boundary of the Valhalla region and experience a correction, dropping to a price of $1 before initiating a much larger rally that would initiate Wave 3.
Egrag explains that Wave 3 typically spans 1.618 times the length of Wave 1, and sometimes even 2.618 times. Based on these projections, Egrag puts forth two potential values for Wave 3: $12 and $50. These figures represent the price levels that XRP could achieve if the anticipated rally unfolds as predicted. Notably, reaching $50 would necessitate a remarkable surge of 9,600% for XRP.
In the last 24 hours, XRP has experienced a decline of 2.57% after encountering resistance at the $0.56 level. XRP briefly surged to $0.56 on the news of the release of Hinman’s documents but was unable to sustain its rally. As of now, the cryptocurrency is being traded at $0.5154, reflecting a decrease of 2.94% over the past week.