$27 to $0.80? Chartist Shares Looming XRP Bear Market Scenario
Main Idea
Crypto analyst EGRAG Crypto projects potential bear market scenarios for XRP, suggesting two cycles with peaks at $27 and $9, followed by significant retracements to $0.80 and $1.30 respectively, based on historical price patterns.
Key Points
1. EGRAG Crypto's analysis is based on historical XRP/USD price charts, comparing current trends to the 2017 market cycle and subsequent bear market behavior.
2. Cycle 1 projects a potential XRP peak of $27, followed by a 97% retracement to $0.80, similar to the 2018 decline.
3. Cycle 2 suggests a more conservative peak of $9, with an 85% retracement potentially bringing XRP down to $1.30.
4. EGRAG emphasizes that XRP is likely nearing its final upward leg before entering a bear market phase, cautioning investors about cyclical market behavior.
5. The analysis references long-term holders (OGs) and past accumulation zones around $0.30 as favorable opportunities, while acknowledging ongoing legal and market uncertainties.
Description
Crypto market analyst EGRAG Crypto has unveiled a detailed analysis suggesting that XRP could face significant price retracements in a future bear market, despite any upcoming gains. In a post shared on X, EGRAG CRYPTO based his projections on historical price cycles and chart structures, particularly the symmetrical triangle formation on the long-term XRP/USD chart. The analysis references two possible cycles with price targets derived from measured moves and historical percentage declines obse...
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