XRP has recently attempted a breakout, reaching a two-month high of $0.5658 before facing significant resistance. As the asset now trades around the $0.5156 mark, market analyst Egrag highlights that XRP is currently in an accumulation phase. However, there is still the potential for a substantial rally towards a region known as “Valhalla,” which could ultimately push the price of XRP to $50.
Next XRP Price Target At $2
Egrag’s analysis is based on the weekly chart of XRP, which indicates various resistance levels represented by color codes. Breaking through the lower yellow region, located below $0.73, is crucial for XRP to move towards higher price levels.
The analyst emphasizes the importance of conviction to enter what Egrag refers to as the “white area,” spanning from $0.73 to $2. This zone signifies a potential surge in XRP’s price. However, until XRP successfully overcomes the resistance level, there remains the possibility of a continued downtrend until the first quarter of 2024.
Despite this, EGRAG CRYPTO believes there is still potential for XRP to surge within the Valhalla region, with a price range spanning from $2.8 to $4.6. This surge represents Wave 1 on their macro schema and could potentially correct down to $1 before embarking on a significant journey to initiate Wave 3. In Elliott Wave Theory, Wave 3 is typically 1.618 times the length of Wave 1, and sometimes even 2.618 times its length.
Analyst projects the following potential values for Wave 3 of XRP:
- Wave 3 (1.618) = $12
- Wave 3 (2.618) = $50
Earlier, Coingape media reported XRP’s fair market value to be $3.5k-$22k as seen from 6 different valuation models.
Read XRP Price Rally After Hinman Docs..
XRP To Hit $50 Amid Legal Woes?
XRP faces a significant hurdle to reach the projected price of $50, as it would require a remarkable rally of approximately 9,600%. XRP was charged in 2020 by the Securities and Exchange Commission (SEC) for failing to register its security features, which projected massive losses for all token holders.
The XRP case outcome is around the corner and release of Hinman Docs have not much impacted the ongoing case as Ripple’s counsel has been allowed access to the documents a while back. Ripple CEO Bard Garglinghouse tweeted about the docs release yesterday, calling out SEC.
As of now, XRP is trading at $0.5156, showing a slight 0.07% increase in the past hour. However, over the past 24 hours, it has experienced a decline of 2.56%, and in the last seven days, the price has dropped by 2.72%.
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