Analyst Sees 30x Surge for XRP, Identifies Attractive Buy Opportunity

XRP might have dropped below the $0.50 psychological support, but an analyst sees this as an attractive buy opportunity, forecasting a looming 30x surge.

In a recent analysis, Egrag, a well-regarded crypto analyst, highlighted XRP’s journey in what he calls The Bent Fork Roadmap. The roadmap encompasses four tracks, each representing a phase in XRP’s market cycle. Track A: Major Historical Support, Track B: Ranging Zone, Track C: Mid-Cycle Top, and Track D: Cycle Top. 

#XRP: The Bent Fork (15$ & Historical Support)

Introducing the intriguing journey of #XRP, symbolized by "The Bent Fork," a roadmap with four distinct tracks:

Track A) Major Historical Support
Track B) Ranging Zone
Track C) Mid-Cycle Top
Track D) Cycle Top

Observing the… pic.twitter.com/r5XRVC0a8T

— EGRAG CRYPTO (@egragcrypto) June 2, 2023

Egrag disclosed that the current market trends suggest that XRP’s trajectory aligns with Track D, which symbolizes the Cycle Top. This is the most bullish outcome for XRP on the Bent Fork roadmap. Egrag predicts that XRP could reach an estimated $15 price. This would mark a 3,025%, or 30x, increase from its current value.

The analyst further called attention to a red-labeled falling wedge that XRP has remained in since 2021. He said XRP could receive enough support to stage a breakthrough if it breaks out of this falling wedge. However, he emphasized that such a breakout would require “unwavering determination.” 

Nonetheless, should XRP successfully engineer this breakout, Egrag believes the outcome would result in an explosive price increase which could impact the broader market.

XRP Buy Opportunity

Until this anticipated explosive surge occurs, Egrag suggests XRP may consolidate within a price range or even plummet to lower values. Instead of a disheartening reception, the analyst advises market participants to consider this a favorable buying opportunity.

As of press time, XRP has faced a downturn, dropping below the psychological support at $0.50. XRP closed below this level on June 14 for the first time in over two weeks. The asset has since then failed to reclaim the price territory. 

Egrag noted that the bulls and bears are currently battling to assume control of XRP within the previously-mentioned red-labeled falling wedge. According to the analyst, the bulls must keep XRP above the wedge to maintain control of the asset’s price direction from here.

#XRP Bent Fork-$15 & Historical Support (UPDATE):

The #Bulls and #Bears are currently battling it out on the edge of the macro falling wedge.

To maintain control, the #Bulls should stay above the wedge, while the #Bears could potentially bring the price down to 0.45c – 0.47c.… https://t.co/vPee6Klubt pic.twitter.com/MbfiiTHZDk

— EGRAG CRYPTO (@egragcrypto) June 14, 2023

However, he emphasized that there is a possibility for the bears to bring XRP to the lows between $0.45 and $0.47. XRP dropped to $0.4663 on June 14 but quickly recovered. Despite the recovery, the asset trades below $0.48, currently changing hands at $0.4793.

Egrag believes this price does not represent XRP’s lowest values, as the bears are capable of bringing it even lower, potentially to the level between $0.35 and $0.37. He noted that these drops could be avoided if the asset scales to the $0.58 – $0.63 territory, which would see it transcend the falling wedge.