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Can XRP reach $17 soon... 🤔🤔🤔🤔
Market analyst EGRAG has updated his renowned XRP "Bent Fork" analysis, projecting an ultimate price target of $17 amidst current market conditions.
XRP has been experiencing a prolonged downtrend, following broader crypto market trends. Despite intermittent declines since retesting the 50-day EMA ($0.5723) on April 22, XRP has seen a 17.72% drop this month.
Despite bearish sentiments, analysts like EGRAG anticipate strong performance from XRP during the ongoing bull season. EGRAG's updated analysis revises the ultimate target for the "Bent Fork" pattern to $17.
Introduced last June, the Bent Fork analysis outlines four trajectories for XRP, with path D leading to a surge to $15. However, EGRAG's latest commentary adjusts the target for path D to $17, citing current market conditions and increased curvatures in XRP's paths.
EGRAG emphasizes the significance of the $1 level as a potent resistance point for XRP. Breaking above this threshold could bolster bullish momentum, potentially leading to a surge towards higher values and paving the way for what EGRAG terms the "Valhalla Highway."
Additionally, EGRAG predicts a surge in XRP's dominance, potentially reaching 17.39%. With a stable global crypto market cap of $2.37 trillion, this would result in a market cap of $412 billion for XRP, translating to a price level of $7.46 based on a circulating supply of 55 billion tokens.
Disclaimer: This content serves as informational and should not be construed as financial advice. Readers are encouraged to conduct their own research before making investment decisions.
Source - thecryptobasic.com
Market analyst EGRAG has updated his renowned XRP "Bent Fork" analysis, projecting an ultimate price target of $17 amidst current market conditions.
XRP has been experiencing a prolonged downtrend, following broader crypto market trends. Despite intermittent declines since retesting the 50-day EMA ($0.5723) on April 22, XRP has seen a 17.72% drop this month.
Despite bearish sentiments, analysts like EGRAG anticipate strong performance from XRP during the ongoing bull season. EGRAG's updated analysis revises the ultimate target for the "Bent Fork" pattern to $17.
Introduced last June, the Bent Fork analysis outlines four trajectories for XRP, with path D leading to a surge to $15. However, EGRAG's latest commentary adjusts the target for path D to $17, citing current market conditions and increased curvatures in XRP's paths.
EGRAG emphasizes the significance of the $1 level as a potent resistance point for XRP. Breaking above this threshold could bolster bullish momentum, potentially leading to a surge towards higher values and paving the way for what EGRAG terms the "Valhalla Highway."
Additionally, EGRAG predicts a surge in XRP's dominance, potentially reaching 17.39%. With a stable global crypto market cap of $2.37 trillion, this would result in a market cap of $412 billion for XRP, translating to a price level of $7.46 based on a circulating supply of 55 billion tokens.
Disclaimer: This content serves as informational and should not be construed as financial advice. Readers are encouraged to conduct their own research before making investment decisions.
Source - thecryptobasic.com
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