Crypto Analyst Maintains $7.50 XRP Target Despite SEC Appeal Against Ripple
03 Oktober 2024 - 10:00PM
NEWSBTC
Yesterday, Wednesday, the United States Securities and Exchange
Commission (SEC) formally extended the XRP lawsuit against Ripple
by filing a Notice of Appeal regarding Judge Torres’s ruling.
Following this news, the price of XRP plunged by more than 10%.
However, crypto analyst Egrag Crypto (@egragcrypto) maintains that
the bullish setup remains unchanged, with a target of $7.50 still
in place for this bull run. Why $7.5 Is Still Possible For XRP
Price Egrag’s analysis, shared via X, emphasizes resilience in the
XRP pricing structure despite the external pressures. He noted, “I
get it, the SEC appeal might feel like the end of the world, but
guess what? The chart has been signaling a retest was coming! My
post from yesterday nailed it. I literally said: ‘I know you’re
tired of hearing ‘retest, retest,’ but LISTEN UP: the range of
$0.5428 – $0.5375 is STILL in play!'” Related Reading: XRP Open
Interest Climbs To $1 Billion: What’s Driving Interest In The
Token? With his chart analysis, Egrag reassures holders that the
foundational trading strategies should not be swayed by the legal
noise. The analyst outlines two crucial trend lines which he terms
the “Atlas Line” and the “Genuine Wake-Up Line.” Both trend lines
have dominated the XRP price for more than four years. The “Atlas
Line” serves as a baseline for the bull run’s support level,
suggesting that as long as the price does not drop below this
marker, the bullish outlook is still valid. The “Genuine Wake-Up
Line” needs to be broken to enter bullish territory. Related
Reading: Bitwise’s Spot XRP ETF Registration Statement Unveiled,
Price Falls 7% However, Egrag also acknowledges that the price can
deviate below or above the trend lines. “From a TA perspective, the
game plan is STILL rock solid. On a MACRO LEVEL, as long as XRP
doesn’t lose $0.28, we’ve got nothing to worry about. And until XRP
closes above $0.75, don’t expect a full-on BULLRUN. We can still
move downward to $0.43 but nothing is changed on MACRO LEVEL,”
Egrag writes. The analyst remains steadfast even in volatile times,
stating, “So, what’s next? NOTHING has changed: XRP IS STILL NOT A
SECURITY.” He continues to challenge the prevailing market
reactions and encourages looking beyond immediate fluctuations,
emphasizing the importance of technical indicators over market
sentiments fueled by regulatory actions. His projected “Critical
Target Level” at $7.50 signifies a strong conviction in the
potential upward trajectory for the crypto asset, despite the
current market setbacks. This target is audaciously higher than the
current price levels. The price would have to rally more than
1,300%. Addressing the community and doubters, Egrag writes,
“Everything in between? Just noise. And yeah, this noise may feel
nasty to the newbies, but OGs know it’s just more time to stack up.
Honestly, I’m HAPPY about this appeal: Why? Because it gives my
other coins a chance to pump, and when they do, I’m putting 100% of
those profits into XRP.” At press time, XRP traded at $0.5238.
Featured image created with DALL.E, chart from TradingView.com
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