In an XRP analysis, notable chartist EGRAG identified a potential for the cryptocurrency to rally by 10,000% to hit $26.9 amid a descending channel formation.
This came at a time when XRP experienced a sustained downtrend due to bearish market conditions. In an accompanying monthly chart, EGRAG revealed that the crypto asset has continued to record monthly declines since it collapsed from the $1.96 high in April 2021.
These persistent monthly drops resulted in the formation of the descending channel. However, the analyst emphasized that this phase of downward momentum was not yet over for XRP, asserting that the token would record one more price collapse.
XRP Could Drop Further
According to him, the worst-case scenario for XRP would involve the cryptocurrency collapsing by another 40% or 72%. Should this occur, XRP could slump to the $0.24 threshold, a price level it has not witnessed since January 2021.
Nonetheless, EGRAG believes this price collapse would only be temporary. He argued that the projected slump is necessary for XRP to record a bullish resurgence in the future. The analyst sees this bullish resurgence as a prerequisite for astronomical gains.
EGRAG suggested that, once this upward campaign begins, XRP could breach the downward trendline to break above multiple resistance points, one of which is its previous all-time high at $3.31. Per data from his chart, this price level aligns with the Fibonacci 1 zone.
Potential for 10,000% Rally
He asserted that XRP could eventually break this pivotal price level to clinch new all-time highs, with its next opposition standing at $8.34. According to the analyst’s chart, after breaking above this resistance, XRP could hit an ambitious $26.9 in a massive 10,000% upsurge.
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This price represents one of XRP’s most ambitious targets, and EGRAG has continued to champion the narrative that XRP would clinch it someday. Meanwhile, XRP has not leveraged the latest market rally as efficiently as market participants expected.
While Bitcoin (BTC) recently hit the $50,000 psychological price territory for the first time since December 2021, soaring to a 26-month high of $50,368 yesterday, XRP could not reclaim the $0.54 price zone. The asset soared to $0.5380 and witnessed an exhaustion.
Now, XRP has continued to give up the meager gains of yesterday, down 0.38% today, as it changes hands at $0.5295. However, trade volume has increased 34.7% over the last 24 hours, crossing the $1 billion mark to a current value of $1,013,051,855, as market participants troop into the scene.
Nonetheless, XRP’s persistent woes have not impacted EGRAG’s optimism. At the time of his previous analysis, the market watcher charged investors to decide whether they wanted to miss the 40% collapse or the potential to see a 10,000% rise. His stance remains unchanged amid the bearish consolidation.