The post XRP poised for legendary upside as historical pattern set to repeat appeared on BitcoinEthereumNews.com.

Over the last 24 hours, XRP has experienced one of its sharpest declines in recent months, breaching the crucial $0.50 support zone.  Maintaining a price above $0.50 was widely regarded as pivotal for the token to break free from the prolonged consolidation below $0.60. Amid this bearish sentiment, cryptocurrency analyst Egrag Crypto, in a June 7 analysis posted on X (formerly Twitter), suggested that XRP is poised for what he termed as ‘legendary’ upside potential. According to the analysis, XRP could witness an upside of 41%. A deep dive into the token’s chart presents a macro view described as “insanely bullish.” The analysis highlighted the necessity of a 41% price surge to reach a crucial point on the chart, drawing parallels to a similar surge observed in 2017. While the analyst couldn’t pinpoint the exact percentage increase, Fibonacci 1.618 was identified as the ultimate target for the rally. “In a macro view, the chart below is insanely bullish, and the breakout to the upside will be nothing short of legendary!,” the expert said.  We need a 41% pump to be on the edge of the triangle. In 2017, we experienced a similar 41% surge, and then Valhalla awaited us.  XRP price analysis chart. Source: TradingView/Egrag Crypto Additionally, the analysis suggested that measured moves and Fibonacci targets signal inevitable double-digit gains for XRP. However, amid anticipating a significant uptrend, the analyst advised caution, urging investors to implement robust risk management strategies. Intrigues behind XRP’s sharp decline It’s worth noting that several factors are contributing to XRP’s current state amid the bullish prediction. Indeed, XRP’s current sharp decline has coincided with Ripple’s transfer of 200 million XRP tokens to an unknown wallet, sparking speculation about the token’s future.  Speculation regarding Ripple potentially abandoning its native token amidst plans to launch its stablecoin…

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Filed under: News - @ June 8, 2024 2:18 pm