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The crypto market cap has decreased considerably in the past three days. Most analysts point to heating geopolitical tension and macroeconomic factors like rising CPI inflation as the main reasons for the drawback.
Besides Bitcoin (BTC) and Ethereum (ETH), which saw double-digit losses, several top-ten cryptocurrencies were severely hit. One of them is Ripple (XRP), which, at press time, has dropped to $0.48 —a 33.3% decline from its most recent peak of $0.72 on March 11.
The market has since recovered some of the losses, with XRP currently trading at around $0.51.
As the crypto market remains volatile, a popular crypto analyst, EGRAG CRYPTO, is considerably bullish, stating that XRP is poised for gains of between 1000% and 3000%.
How High Can XRP Go?
EGRAG posted a chart on X that depicts XRP’s trajectory since 2017 and is engulfed in a symmetrical triangle. As per the analyst, they accurately predicted the range in which XRP might trade in the first quarter of 2024.
Further, the chart suggests that, if successful, breaking above the triangle pattern could lead XRP to prices above $10 or even $20.
In these turbulent trading days, it might be hard for 99% to comprehend the market’s performance. However, the chart below indicates a potential price target between $10 to $22 if similar partial moves are repeated.
In another tweet, the analyst dismissed the notion that XRP is crashing and instead is “retesting” the lower band from the Ascending Channel, which, as the name suggests, is simply a rising channel with several bands that determine price points that act as either resistances or support zones.
Yet several commenters were not convinced, given that XRP has been caught in a consolidation zone for several months. However, EGRAG CRYPTO remains unfazed, stating that this dip is “for buying, not for crying.”
This article first appeared at CryptoPotato
