The altcoin market took the second blow after the SEC lawsuits, with the Fed rate decision. Despite this drop, a popular crypto analyst continues to set the bar high with predictions like 30x.
Egrag has updated its price forecast to 30x for this altcoin
The popular crypto analyst has been on the agenda with high bar forecasts for a while. Egrag expects the XRP price to start a historic rally after positive news from the SEC-Ripple lawsuit. In his latest analysis, he backed up his 30x price prediction up to $15 with a roadmap. Egrag’s roadmap covers four pathways, each representing a stage in XRP’s market cycle:
- Track A: Major Historical Backing
- Track B: The Changing Zone
- Track C: Above Mid-Cycle
- Track D: Cycle Peak
#XRP: The Bent Fork (15$ & Historical Support)
Introducing the intriguing journey of #XRP, symbolized by "The Bent Fork," a roadmap with four distinct tracks:
Track A) Major Historical Support
Track B) Ranging Zone
Track C) Mid-Cycle Top
Track D) Cycle TopObserving the… pic.twitter.com/r5XRVC0a8T
— EGRAG CRYPTO (@egragcrypto) June 2, 2023
Egrag explained that current market trends indicate that XRP’s trajectory is aligned with Track D, which stands for Cycle Peak. This thesis is the most positive for XRP in the Bent Fork roadmap. In summary, Egrag predicts that XRP could reach $15. If that happens, it would mean a 3.025% or 30x increase from its current value.
What does technical analysis say?
The analyst also drew attention to the falling wedge with a red label that XRP has been in since 2021. He said that if XRP comes out of this falling wedge, it could get enough support to make a breakthrough. However, he stressed that such a break would require “unshakable determination”.
However, if XRP successfully designs this breakout, Egrag believes the outcome will result in an explosive price surge that could affect the market overall.
What levels of entry does XRP offer altcoin investors?
Egrag suggests that XRP could consolidate in a price range and even fall further. Rather than a discouraging welcome, the analyst advises market participants to consider this as a viable buying opportunity. In his previous analysis, he said that the bulls are eagerly defending $0.50. According to the analyst, the bulls need to keep XRP above the wedge to control the price direction. However, the XRP price had to break this support with the recent drop…
XRP drops below key support: what’s next for altcoin investors?
XRP has faced massive opposition to its lasting gains. It finally lost the critical $0.5 support to a 3-week low. At this point, Egrag emphasizes that the bulls continue to defend $0.45 and $0.47. According to the analyst, these two supports will be critical to prevent a drop to $0.40. If it loses these, it could slide as low as the $0.37 zone.
Upward targets
The technical analyst mentioned that this bearish situation can be avoided if XRP manages to rise to the $0.58 – $0.63 region. XRP is currently trading at $0.47. As you follow on Kriptokoin.com, Ripple has slightly supported the price with new partnerships.
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