Renowned crypto analyst EGRAG laid out the worst-case scenario for XRP during this bull market and predicted potential price targets for the altcoin.
In his post on X, EGRAG shared two approaches based on historical patterns and technical analysis, and presented two charts that support his predictions. This analysis comes amid a collapse in the price of XRP amid a widespread market downturn.
Rebound from SEC-related decline: $5 to $6 target
EGRAG first compared the current settings to December 2020, when XRP faced a steep decline due to SEC litigation. However, despite this setback, XRP was able to make an impressive recovery, experiencing a 10x surge from its lows.
In a similar scenario, if XRP faces further decline after the SEC appeal, a subsequent rally could occur and rise to the $5 to $6 range. The Fibonacci 1.618 level is located at $6.5, indicating that XRP could reach this level on a bullish extension.
Notably, XRP has already witnessed a decline in the wake of the SEC’s notice of appeal. Following this development, XRP fell 9%, bringing it to a 19% drop in four days. The attached chart shows the price reacting to various support and resistance levels, with support at $0.52 holding firm recently.
XRP 1W Chart | EGRAG Crypto
The key resistance level is the $1.97 level, which coincides with the 0.702 Fibonacci retracement level. This level is very important as breaking this level could send XRP towards a higher target above $3.51. The Fibonacci 1.0 level at $3.514 serves as an intermediate target that XRP needs to break to head towards higher goals.
CryptoBasics also confirmed this market situation, noting that if XRP recovers like it did in December 2020 when the SEC first filed the lawsuit, it could gain $6. EGRAG believes this worst-case scenario can still lead to a positive outcome for XRP holders, even with its own regulatory hurdles.
Impact of Bitcoin on Altcoins
The second approach used by EGRAG focuses on Bitcoin price fluctuations. During the 2021 bull market, Bitcoin reached a high of $68,000, while XRP managed to reach a peak of $1.96.
Based on this correlation between Bitcoin price and XRP performance, EGRAG predicts the likely XRP movement if Bitcoin experiences similar gains in the next cycle.
If Bitcoin reaches a peak of $74,000, which is a modest increase from its all-time high, the target price for XRP could be $2.31.
On the other hand, if Bitcoin reaches a more ambitious target between $80,000 and $100,000, depending on market momentum and overall sentiment during the cycle, XRP will rise further from $2.88 accordingly. Possibly.
At the time of writing, XRP is trading at $0.5296, having recovered only 0.70% in the past 24 hours. Although this pullback is not substantial, it confirms that XRP has found strong support at $0.52, and the price is starting to stabilize following the SEC appeal notice blowout.
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