Crypto Analyst Explains Why XRP Will Not Fall To $0.10
April 24 2023 - 9:30AM
NEWSBTC
XRP price is trading sideways alongside most cryptocurrencies in
the market today. The coin had been trading above $0.5 until April
21, when a bearish wave pushed it below $0.45 to $0.43. The token
has witnessed a slight recovery above $0.46 today. As a result,
crypto enthusiasts fear a further decline in XRP. Notably, a
prominent crypto analyst shared a post responding to his friend’s
forecast of XRP slumping to $0.10, but Egrag’s response was that
technical indicators on XRP price don’t support such a price
decline. No Technical Indicator Supports Dropping To $0.10,
Says Egrag The ongoing market-wide downturn has caught up with XRP,
its price has been gaining momentum over the past few weeks. The
coin succumbed to the bearish trend, pushing it to lose its past
week’s gain by 9.87%. This downturn has stirred reactions among the
crypto community, with people, including Egrag’s friend speculating
a drop back to $0.10. Related Reading: Ethereum (ETH) Drops 11%,
Sheds All Gains From Shanghai Rally However, Egrag reacting to his
friend’s forecast, said it was a wrong call. The analyst shared
some technical insights for XRP in response to the friend’s
prediction. Egrag noted that XRP’s movements aligned with his
predetermined technical indicators like the Fibonacci targets. And
no technical indicator or Fibonacci targets support the idea of
Ripple’s native coin price correction to $0.10. Egrag said his
friend’s forecast seems more like a personal speculative opinion
than an analytic insight. He further noted that while a price
correction to $0.10 is possible, the probability is slim and not as
low as his friend speculates. Nevertheless, sudden regulatory
enforcement could stir up such a price drop for XRP. Egrag argued
that while crypto assets have some immunity against bearish
economic events, their prices are still susceptible to unforeseen
occurrences. Therefore, any notable XRP price decline to $0.10
would rather be due to a regulatory action instead of mere market
forces. So, Egrag concluded that a price fall to $0.10 for
XRP is technically impossible without unfair regulations. He
encouraged the XRP Army to remain steadfast in support of the token
as a significant price correction presents a buying opportunity.
XRP Price Outlook Meanwhile, the XRP community anticipates the
summary judgment for the Ripple vs. SEC lawsuit regarding the
token’s status as a security. Related Reading: Shiba Inu Gets
Stuck In Price Range – Will SHIB Break Free? Experts speculate the
outcome of this lawsuit will cause a notable change in the crypto
market. Attorney John Deaton, Amicus Curiae in the XRP lawsuit,
forecasted that a ruling might come before May 6. XRP price
often surged when Ripple hit some breakthroughs in the lawsuit.
However, at press time, XRP is trading at $0.465, indicating a
minor price recovery. The token has surrendered its 14-week price
gains by 8.6%, with a seven-day price decline of 11.3% due to the
market-wide onslaught. XRP’s current price move aligns with Egrag’s
previous prediction that the token could pull back between $0.43
and $0.48. Featured image from Pixabay and chart from Tradingview
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024