XRP token is facing a decline, yet analysts foresee a substantial rebound. EGRAG CRYPTO, an analyst in the crypto industry, predicts a 41% price surge for XRP. This forecast mirrors a similar surge in 2017, suggesting a bullish outlook for the digital asset. Current market conditions and historical data support this positive prediction.
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XRP Price Analysis
EGRAG CRYPTO highlighted an analysis predicting a 41% surge for XRP. He stated, “In a MACRO view, the chart below is insanely bullish, and the breakout to the upside will be nothing short of legendary!”
This prediction is based on patterns observed in 2017, where a similar surge led to significant gains. The analyst firmly believes history is set to repeat itself, with the Fibonacci 1.618 level as the ultimate target.
EGRAG CRYPTO stresses the importance of a disciplined approach, advising investors to adopt a Dollar-Sell-Average (DSA) strategy. This strategy helps manage risk by selling portions of holdings as the price increases, ensuring profits despite market volatility.
Current Market Conditions
At publication, XRP trades at $0.5, with a daily trading volume of around $1.96 billion. The price has declined by 4.44% in the last day and 3.64% over the past week. This downturn is part of a broader market pullback, affecting major cryptocurrencies including Bitcoin.
EGRAG CRYPTO’s bullish prediction comes amidst liquidations in the market. According to Captain Altcoin, around $300 million was liquidated from the cryptocurrency market lately. This rapid sell-off by investors contributes to the current price declines.
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Despite the recent market downturn, EGRAG CRYPTO remains optimistic about XRP’s potential. He highlights that while precise predictions are challenging, measured moves and Fibonacci targets indicate that double-digit prices are inevitable. He urges the XRP Army to stay steady and be ready to act when the profit-taking zone is reached.
Egrag advises to exercise caution and employ an ironclad DSA strategy. This approach mitigates risks by allowing gradual profit-taking, crucial during shifting market movements.
Hence, XRP’s future looks promising according to EGRAG CRYPTO’s analysis. Besides, the predicted 41% pump, reminiscent of the 2017 rally, offers hope for investors amidst current market challenges. While the market is experiencing a downturn, historical patterns and technical indicators suggest a bullish outlook for XRP.
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