Amid recent XRP price drops, crypto analyst Egrag Crypto has set some lofty price targets, projecting up to a 55X increase contingent on a favorable resolution of Ripple’s ongoing lawsuit with the SEC. The legal uncertainty has hampered investment, but Egrag sees major upside if the court rules that XRP is not a security.
#XRP: 2 Types of Crypto Adventurers ( – or +):
In everyday life, whether in business or elsewhere, some folks tend to focus on what's missing (like the half-empty glass), while others see what's there (like the half-full glass).
This same idea applies to #XRP:
A) Some folks… pic.twitter.com/utMSr2FBKG
— EGRAG CRYPTO (@egragcrypto) February 6, 2024
In his analysis, Egrag Crypto identified a consolidation pattern in the coin’s price charts, indicating a possible breakout ahead. Despite periodic dips, he advises the XRP community to stay patient and keep dollar-cost averaging into positions.
Egrag notes that XRP currently trades below resistance around $0.63 after a small drop to $0.50. Although trading volume rose slightly amidst increased activity, the coin’s $27 billion market cap leaves it prone to volatility. Persistent legal uncertainty also makes it tough to restore investor confidence, leaving the coin struggling to hold $0.50 support.
Lofty Targets For XRP If SEC Lawsuit Gets Resolved
Still, Egrag remains upbeat about XRP’s prospects, setting price targets of $7.49, $13.63, and $27.07 if the lawsuit reaches a conclusion. While it is impossible to predict exact timing, he recommends avoiding panic-selling during drawdowns. Instead, traders should steadily accumulate via dollar-cost averaging.
XRP’s future role as a bridge asset for cross-border payments also informs Egrag Crypto’s bullish bias. Moreover, favorable U.S. regulatory standing would make XRP “a no-brainer for institutional investment,” catalyzing exponential growth.
So despite current legal headaches, this analyst sees the XRP price skyrocketing up to 55X once the SEC case gets resolved. Of course, his lofty targets hinge entirely on a court ruling deeming XRP not a security. Until the legal gray clouds part, uncertainty persists for the coin.
Still, Egrag’s analysis spotlights the coin’s enormous upside potential, providing holders with a reason for optimism. If the lawsuit lifts, both technical and fundamental factors could propel rapid gains as investors pile back into XRP.