In the last day, XRP’s price has fallen to a level not seen in the past several months, breaking below the critical $0.50 support layer.
In order for the token to escape the protracted consolidation below $0.60, it was generally believed that keeping the price over $0.50 was crucial.
In a post on X (formerly Twitter) from June 7, cryptocurrency expert Egrag Crypto argued that XRP had “legendary” upside potential despite the current negative mood.
The research indicates that XRP has the potential for a 41% increase. A thorough examination of the token’s chart reveals a macro perspective that is characterized as “completely bullish.”
Using comparisons to a comparable rise in 2017, the study demonstrated that a 41% price increase was required to reach a critical point on the chart. Analysts were unable to determine a precise percentage rise, but they did identify Fibonacci 1.618 as the final objective for the rally.
“The chart below is outrageously bullish in a macro sense, and the breakout to the upside will be nothing short of legendary!,” the analyst remarked.
“We can’t reach the triangle’s edge without a 41% pump. Just like in 2017, we had a 41% spike, and then we were ready to go to Valhalla.”
Furthermore, the research indicated that XRP is certain to see double-digit increases due to measured movements and Fibonacci goals. Nevertheless, the expert cautioned investors to exercise cautious and encouraged the use of strong risk management methods, even if they are forecasting a major upswing.
In light of the positive projection, XRP’s present status is due to a number of variables. Coincident with Ripple sending 200 million XRP tokens to an anonymous wallet, the price of XRP has been plummeting recently, leading many to wonder what will happen to the currency in the future.
While Ripple is busy preparing to launch its stablecoin, rumors have been circulating that the company may forego its native currency.
In spite of the XRP’s underwhelming performance and the continuing legal uncertainty surrounding the SEC, Ripple has achieved remarkable progress in its commercial operations. For instance, Ripple’s payment users may now enjoy quick and safe payments in GBP and EUR thanks to their recent cooperation with Clear Junction.
At the time of writing, XRP was trading at $0.49, down 5% on the weekly chart and over 7% in the last 24 hours.
As for the token’s technical indicators, they mirror the negative sentiment around XRP. According to the one-day gauges summary from TradingView, there is a significant sell emotion, and the same holds true beneath the moving average. On the other hand, oscillators take a “neutral” position.
Finally, investors who are worried that XRP won’t be able to keep up with more established tokens like Bitcoin (BTC) and Ethereum (ETH) may find some relief in the expected price rise if the token follows the 2017 trend.
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