As XRP faces recent price declines, esteemed cryptocurrency analyst Egrag Crypto has created a buzz in the XRP community with a bold forecast, envisioning a bullish surge that could push XRP to 55X times its current value in the coming months. However, the XRP future is now linked to the ongoing SEC vs. Ripple lawsuit. It largely threatens the mid-capped altcoin as more investors stay away from XRP to avoid non-performing crypto portfolios.
XRP Can Hit New ATH to $27, If this Happens
EGRAG Crypto’s recent chart analysis of XRP indicates a consolidation pattern, hinting at an imminent breakout opportunity for the cryptocurrency. Despite temporary dips in XRP’s price, the community remains steadfast in advocating patience and employing Dollar-Cost Averaging (DCA) strategies.
Egrag pointed out that despite XRP trading below the monthly ceiling of $0.63, the coin’s current price stands at $0.5011, with a market cap of $27.27 billion and a trading volume of $899.24 million, reflecting a slight decrease in value alongside increased trading activity. XRP stands at $0.502858 making it hard to gain investor faith back in the struggling altcoin. Plus, the drop to $0.41 level has created another FOMO in the market and within the XRP community which is frustrated with XRP’s underperformance, despite a clear legal status.
Having said that, He suggests that XRP might see significant growth, potentially reaching targets of $7.4891, $13.6302, and $27.0746, although he doesn’t specify when. EGRAG advises investors not to panic during price drops but instead use Dollar Cost Averaging (DCA) to invest consistently over time.
Looking ahead, the main reason why XRP is likely to grow quickly is that it can be used as a bridge currency for cross-border transactions and has the potential to be used by more people. Furthermore, the cryptocurrency’s favorable regulatory status in the United States could attract institutional interest, further bolstering its upward trajectory.