In simpler terms, the total value of all cryptocurrencies has dropped significantly over the last three days. Many experts attribute this decline to escalating political tensions and increasing consumer price inflation.
In addition to Bitcoin and Ethereum experiencing double-digit decreases, other leading cryptocurrencies took a significant hit. One example is Ripple, now valued at $0.48 as of this writing – a 33.3% drop from its highest point of $0.72 on March 11th.
The market has since recovered some of the losses, with XRP currently trading at around $0.51.
With the unpredictability of the cryptocurrency market, well-known crypto expert EGRAG CRYPTO expresses a strong optimistic viewpoint. He believes that XRP has significant potential for growth, estimating possible gains ranging from 10x to 30x in value.
How High Can XRP Go?
A chart published by EGRAG on X showing XRP‘s development since 2017 appears as a symmetrical triangle on the graph. According to the analysis, this pattern could indicate where XRP may be trading within the first quarter of 2024.
Additionally, according to the chart’s indication, surpassing the triangle formation might result in XRP reaching prices higher than $10 or potentially $20.
Even in today’s volatile markets, it can be challenging for most people to understand the market’s behavior. But take a look at the graph below; it suggests a possible price range of $10 to $22 if the market follows a similar pattern as before.
An analyst posted on Twitter that XRP‘s dip is not a crash but rather a “retest” of the lower boundary in its Ascending Channel. The Ascending Channel is essentially an upward-trending line with various bands indicating price levels which function as either resistance or support points.
Despite the doubts expressed by some commentators about XRP‘s prolonged consolidation, EGRAG CRYPTO remains optimistic, viewing this price drop as an opportunity to buy rather than a reason to weep.
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2024-04-15 12:04