Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump
June 06 2024 - 7:30AM
NEWSBTC
In a stark contrast to the performance of the broader crypto
market, XRP continues to face significant challenges, according to
statements from pro-XRP lawyer Bill Morgan. Despite a discouraging
decline in the value of the crypto asset relative to Bitcoin (BTC)
and 88% of the top 100 cryptocurrencies, Morgan maintains a bullish
outlook on the asset. In a post on X, Morgan outlined the struggles
XRP has faced, particularly over the last year—a period that
brought legal clarity and was expected to boost investor confidence
in XRP. Morgan noted, “There were some who told us last month that
XRP price had turned the corner in its steady decline against the
BTC price. It has not and the decline over the last 6 months has
been nearly -84%.” This decline has positioned XRP as one of the
underperforming cryptocurrencies, being outshone by 88% of the top
100 coins in market performance. Morgan shared critical data to
underscore the gravity of the situation, citing that the XRP to BTC
exchange rate stands at 0.000007383 BTC, reflecting a dramatic
decrease of -83.93% over the past six months. Related Reading: XRP
Price Set For Colossal 63,000% Breakout As Ripple Secures Crucial
Partnership In Europe Additionally, he pointed out that the
cryptocurrency is trading below its 200-day simple moving average,
a typical indicator of long-term market trends. Despite these bleak
indicators, Morgan remains undeterred. When asked about his
steadfast belief in XRP, Morgan responded metaphorically, comparing
his faith in the digital currency to a nearly completed bridge that
“can’t carry traffic until it’s fully built.” This statement
suggests his view that digital asset’s potential will be fully
realized only once the XRP Ledger is fully developed and the
ongoing legal battle with the US Securities and Exchange Commission
(SEC) is completely settled. XRP Price Could Rally To $0.75 In July
One of the crypto analysts who is still extremely bullish on XRP is
Egrag Crypto. In his latest analysis on X, he pointed out that the
monthly candle formation is showing a highly promising pattern,
indicating a significant price surge in the near future. Related
Reading: Crypto Analyst Forecasts A 4,000% XRP Price Run To $30,
Here’s When Egrag noted that the previous month’s candle displayed
a 75% Inverted Hammer Formation at its base. In technical analysis,
this pattern is considered a strong bullish signal, suggesting that
sellers are exhausted and buyers are gaining strength, paving the
way for a potential upward price movement. Egrag’s analysis
emphasizes this formation as a key indicator that XRP is set for a
notable price increase. Building on the bullish candle formation,
the analyst predicts that the cryptocurrency could soon reach the
$0.75 mark, with July 2024 being a crucial month. He confidently
states the formation “is an amazing sign that $0.75 is coming in no
time, and July 2024 is going to be the month of fireworks!”
Addressing the community, Egrag encouraged patience and optimism,
using the metaphor of “THOR’S HAMMER” smashing through all
resistance to describe the anticipated market movement. At press
time, XRP traded at $0.5286, marking a 0.65% decrease over the past
24 hours. Featured image created with DALL·E, chart from
TradingView.com
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