TL;DR
- Analyst EGRAG CRYPTO suggests that XRP could drop to $0.10 if it falls below the key $0.38 Fibonacci mark, but believes an 80% collapse would need a Black Swan event to occur.
- Despite exploring pessimistic scenarios, EGRAG CRYPTO remains generally bullish on XRP and doesn’t plan to sell until reaching higher price targets.
- The analyst has previously predicted significant price rises for XRP, including potential valuations of $1.12, $1.40, and even $27, although the latter would require a major market cap surge.
Is There a Chance for an 80% Collapse?
While some cryptocurrency analysts have recently envisioned a bright future for Ripple’s native token and its potential price increase towards a new all-time high, the X (Twitter) user EGRAG CRYPTO assumed another pessimistic possibility.
In their view, XRP might plunge to as low as $0.10 if it drops below the important Fibonacci mark of $0.38, which has successfully served as a resistance level for the past seven months. EGRAG CRYPTO also suggested that traditional finance players, such as banks, institutional investors, and hedge funds, might “deliberately crash the price to snatch up XRP to bargain levels.”
However, the analyst concluded that an 80% collapse seems “unlikely” and would be possible only in the case of a Black Swan event.
EGRAG CRYPTO assured that they remain a keen advocate of XRP and have no intention to sell some holdings until reaching certain higher targets.
“While I remain staunchly bullish on XRP, I find it intriguing to temporarily think like bears and explore the downside. No one, and I mean no one, can perfectly time the market. It’s a rollercoaster, and we have to ride it and enjoy the thrill,” the analyst added.
The Bullish Forecasts
It is worth noting that EGRAG CRYPTO has a predominantly bullish stance on XRP, predicting its price to rise significantly on several occasions.
Most recently, they forecasted that the coin might experience a “God candle” at the beginning of 2024, which could drive the valuation to as high as $1.12.
Prior to that, the analyst pinpointed $1.40 and the astonishing $27 as future price tags. It is worth mentioning that the second surge would require XRP’s market capitalization to explode above $1.4 trillion. This seems rather unlikely, considering that the entire market cap of the industry stood at around $3 trillion at the peak of the bull run in 2021.
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