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- EGRAG CRYPTO analyst notes that XRP could fall to $0.10 if it drops below the key Fibonacci mark of $0.38, but believes an 80% collapse would require a black swan event to occur.
- Despite exploring pessimistic scenarios, EGRAG CRYPTO remains generally optimistic about XRP and does not plan to sell until higher price targets are reached.
- The analyst previously predicted a significant rise in XRP prices, including potential valuations of $1.12, $1.40, and even $27, although the latter would require a significant increase in market cap.
Is there a chance of an 80% collapse?
While some cryptocurrency analysts recently envisioned a bright future for the native Ripple token and its potential price increase towards a new all-time high, X (Twitter) user EGRAG CRYPTO Supposedly Another pessimistic possibility.
In their view, the price of XRP could fall to as low as $0.10 if it falls below the important Fibonacci mark of $0.38, which has successfully served as a resistance level over the past seven months. EGRAG CRYPTO also suggested that traditional financial players, such as banks, institutional investors and hedge funds, may “deliberately crash prices to extract XRP to bargain levels.”
However, the analyst concluded that an 80% collapse appears “unlikely” and would only be possible in the event of a black swan event.
EGRAG CRYPTO emphasized that it remains a staunch advocate of XRP and has no intention of selling some holdings until certain higher targets are reached.
“Although I remain aggressively bullish on XRP, I find it interesting to think tentatively like the bears and explore the downside. No one, and I mean no one, can time the market perfectly. “It’s a rollercoaster, and we have to… We ride it and enjoy the thrill.”
It should be noted that EGRAG CRYPTO has a mostly bullish stance on XRP, and expects its price to rise significantly on several occasions.
Lately, they are is expected The coin may experience a “God candle” at the beginning of 2024, which could push the valuation as high as $1.12.
And before that, the analyst specific $1.40 and a staggering $27 as future price tags. It is worth noting that a second spike would require the market capitalization of XRP to rise above $1.4 trillion. This seems somewhat unlikely, given that the entire market cap of the industry was around $3 trillion at the peak of the 2021 bull run.
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