Recently gaining investor attention with its short-term bull run, Ripple‘s XRP soared to a two-month peak of $0.5658 before stalling at a crucial resistance level. The popular altcoin, currently trading around $0.5156, is under close watch. Esteemed crypto analyst, EGRAG CRYPTO, emphasizes that XRP has entered the accumulation phase, with a potential rally leading towards a zone known as “Valhalla,” which could eventually catapult XRP to $50.
Next Target for XRP Could Be $2
EGRAG CRYPTO’s bullish XRP analysis relies on a weekly price chart, with various resistance levels denoted in color codes. In the current scenario, to move towards higher price levels, XRP needs to cross the yellow zone, located below $0.73.
The analyst underscores the importance of the price entering the “white area,” a zone ranging from $0.73 to $2, which is expected to trigger a potential sharp rise in XRP. However, until XRP successfully surpasses this resistance level, it may remain under the pressure of a downtrend that could continue till the first quarter of 2024.
Despite this bearish outlook, EGRAG CRYPTO believes XRP has the potential to ascend within the Valhalla zone, with prices ranging from $2.8 to $4.6. This surge corresponds to Wave 1 in the macro chart, which may retreat to potentially $1 before making a significant price move to commence Wave 3. In the Elliott Wave Theory, Wave 3 is typically 1.618 times, even sometimes 2.618 times the length of Wave 1, affirming the analyst’s hypothesis. EGRAG CRYPTO sets a $12 and even $50 target for XRP’s Wave 3.
Could XRP Reach $50?
For XRP to reach the projected $50 level, it currently faces a significant hurdle, requiring an impressive rally of approximately 9,600%. The altcoin faced a reclassification by the SEC in 2020, causing heavy losses for all investors by alleging that XRP was a security, and Ripple, along with two of its senior executives, engaged in an unregistered securities sale.
As the SEC vs. Ripple lawsuit draws to a close, the anticipated release of the Hinman documents on June 13, following the permission granted to Ripple’s attorney for access to the documents, hasn’t significantly influenced the ongoing lawsuit, posing a positive sign for investors. Ripple CEO, Brad Garglinghouse, criticized the SEC’s regulatory policies in a tweet regarding the document release.
