Will XRP Price Defy A 50% Stock Market Crash? Analysts Share Predictions
04 Oktober 2023 - 1:00PM
NEWSBTC
The financial world is abuzz with speculations on the resilience of
cryptocurrencies amidst potential global financial upheavals and a
looming recession in the United States. XRP, with its unique
standing, has become the centerpiece of these discussions,
following a series of comments and analyses from renowned crypto
analyst Egrag Crypto. XRP Price Amid A 50% Stock Price Crash On X
(formerly Twitter), Egrag took a comprehensive look at the
six-month chart of the XRP price, presenting two scenarios that
couldn’t be more different: a crash to $0.017 and a rally to $27.
The analyst emphasized XRP’s pioneering nature due to the
remarkable degree of legal clarity it offers, setting it apart from
other digital assets. “The current state of XRP offers a remarkable
degree of legal clarity, making it a pioneering digital asset in
terms of regulatory acknowledgment,” Egrag stated. This legal
acknowledgment, combined with its designed role to simplify
cross-border payment solutions, strengthens the case for XRP to
potentially rise to a $27 price target, Egrag claims. But his
analysis wasn’t purely optimistic. He alerted followers to looming
shadows in the broader financial spectrum. Related Reading: Ripple
CEO’s Tattoo Predicts XRP Price Surge? Here’s When It Will Hit The
Moon A significant number of technical analysts have forecasted a
drastic 40%-50% downturn in global equity and stock markets. Egrag
pondered the implications of such a downturn on cryptocurrencies,
particularly XRP. He shared the following chart and warned of
a potential sharp XRP price crash: Under such circumstances, a
measured move of 0.017c becomes a pertinent consideration. I find
myself somewhat perplexed by the dichotomy presented by certain
technical analysts who foresee a collapse in traditional markets
while advocating for crypto to adhere to its four-year cycle. He
further remarked that “it’s imperative to maintain a consistent and
non-contradictory thesis when assessing these scenarios,”
highlighting the inconsistency of predicting both a market collapse
and a steady crypto four-year cycle. Community’s Mixed Responses
Feedback on Egrag’s analysis was multifaceted. @300Mill300, a
prominent voice in the crypto space, extrapolated from Egrag’s
initial analysis and offered a chart that was bullish for XRP. He
projected a rally to $1.15 by early 2024, followed by a brief
retraction to $0.79, and a subsequent bullish surge to reach $1.40
by the close of 2024. However, the sentiment wasn’t unanimously
optimistic. Rainmaker, a crypto aficionado with nearly a decade’s
experience, struck a cautionary note. He predicted a pronounced
“wash out” preceding each Bitcoin halving event, pushing the XRP
price down, possibly to the mid $0.20s. Responding to this, Egrag
showcased his balanced stance. While agreeing with Rainmaker about
the potential drag of macroeconomic elements on XRP, he remained
bullish about XRP’s intrinsic strengths. He noted, “I think the
general macro will drag it down but other than that it is solid
like a rock.” Stepping into the discussion, Analyst Ata Yurt had a
different take. He expressed skepticism about XRP achieving the
mentioned price points, stating, “At $0.017 there would be no
sellers nor buyers… At $27, there will be no buyers either apart
from a small group of FOMO orders, majority will FOMO in at $3 or
$5 as those are the expected levels considering previous ATH.” Yurt
proposed a more pragmatic approach, suggesting a blend of technical
analysis and market psychology. He believes that the $5 mark for
XRP is more attainable, urging the community to consider a linear
chart for assessment. Related Reading: XRP Price Historical Data
Suggests Substantial Q4 Rally Possible Egrag, not one to step back
from a discussion, retorted with a thought-provoking question,
“Good idea but what if the equity and stock markets crashed 40-50%?
Then what?” Yurt countered by estimating the potential fall of
Bitcoin in such a scenario, speculating that if Bitcoin were to lag
behind and drop by 60%, XRP, in relation to BTC, might settle
around the $0.22-$0.25 range, a figure he deemed more realistic
than the prediction of Egrag at $0.017. The Bullish Case: XRP To
$27? Egrag recently took to social media, highlighting a potential
roadmap for XRP’s ambitious journey to $27 through his
interpretation of the “XRP ATLAS LINE”. Egrag predicts a near-term
positive momentum that could push XRP into the $1.3-$1.5 zone.
However, the digital currency might not stay there long, as he
anticipates a dip back to the $0.55 region, a crucial breakout
retest. Once this phase passes, he sees a dynamic resurgence
propelling XRP to its previous highs of $2.8-$3.0. But that’s not
the ceiling. Egrag envisions a more aggressive leap into the
$13-$15 bracket, although he also foresees a significant sell-off
around this price point. His analysis then steers back to a
reconnection with earlier levels around $2.8-$3.0 before finally
culminating at the coveted $27 mark. At press time, XRP traded at
$0.5327. Featured image from Shutterstock, chart from
TradingView.com
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