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Here is Possible DOGE Price if Elon Musk Leverages Dogecoin Blockchain for US Treasury Transactions

Sam Wisdom Raphael
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Here is Possible DOGE Price if Elon Musk Leverages Dogecoin Blockchain for US Treasury Transactions

DOGE price could see impressive growth if Elon Musk leverages the Dogecoin blockchain for U.S. Treasury transactions.

Billionaire Elon Musk has suggested moving U.S. Treasury transactions onto blockchain technology, and this idea has triggered discussion among the blockchain community and within government circles. 

Could D.O.G.E Consider Dogecoin?

This is part of the Tesla CEO’s effort to cut down on government spendings through his Department of Government Efficiency (D.O.G.E) agency. However, the suggestion has been met with mixed sentiments.

His idea came after businessman Mario Nawfal asked on X if the Treasury should adopt blockchain in response to allegations of fraudulent payments. Musk responded in favor of the proposal, triggering speculation about which blockchain might be considered if DOGE goes through with this.

Reports indicate that Dogecoin, Musk’s favorite crypto project, could be a potential candidate. A Feb. 2 report from Forbes referred to Dogecoin as Musk’s “pet project,” essentially mentioning it as a possible option. 

Further, last week, a Tesla fan account and Dogecoin enthusiast also suggested that processing Treasury payments through Dogecoin would increase transparency. 

Musk’s previous comments have also added to the speculation. In August 2022, the billionaire praised Dogecoin’s efficiency, claiming it handled transactions better than Bitcoin. He also criticized Bitcoin’s energy consumption, arguing that Dogecoin was a more practical alternative.  

This has bolstered speculation that Dogecoin might be a possible candidate of consideration if Elon Musk does go ahead with the plan. In addition, D.O.G.E leveraging the Dogecoin blockchain to improve efficiency would quite frankly be poetic.

DOGE Price if US Treasury Used Dogecoin Blockchain

For context, the U.S. Treasury processes about $5 trillion annually in government payments, which translates to nearly $411 billion per month and around $13.7 billion per day. If Dogecoin processes these transactions, it could massively impact its price. 

However, the extent of such a prospective impact remains unclear. As a result, we sought the opinion of AI chatbot ChatGPT. The OpenAI project analyzed the scenario and outlined potential price changes based on different market outcomes.  

ChatGPT rightly explained that government adoption would likely increase Dogecoin’s demand. More institutions might invest in Dogecoin, boosting its liquidity and long-term stability. 

DOGE Price Prediction ChatGPT
DOGE Price Prediction | ChatGPT

With Dogecoin currently trading for $0.2566, handling Treasury payments could push its market cap much higher. ChatGPT proposed that if just 5% of the $5 trillion in transactions were held in Dogecoin at any given time, the market cap could rise toward $250 billion. 

The chatbot estimated three possible price scenarios based on different levels of adoption. First, in a moderate growth scenario, if Dogecoin’s market cap increased 5x, its price could reach $1.28. 

However, ChatGPT further suggested that if adoption surged higher amid an extreme growth environment and the market cap grew 10x, Dogecoin might climb to $2.56. Meanwhile, in a highly speculative scenario, if hype drove mass investment similar to past crypto booms, the price could exceed $5.00.  

Despite these projections, challenges could prevent Dogecoin from reaching these price levels. ChatGPT warned that high transaction volumes could expose inefficiencies in Dogecoin’s blockchain. 

Besides this, government regulations might also limit its involvement in Treasury transactions. Additionally, Dogecoin’s unlimited supply could dilute price gains unless demand consistently outpaces issuance. However, these projections remain highly speculative.

Cardano Founder Set To Meet With Elon Musk? Teaser Sparks Speculation

Okoya David
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Cardano Founder Set To Meet With Elon Musk? Teaser Sparks Speculation

Cardano founder Charles Hoskinson teases “special” meeting, with speculations suggesting Tesla CEO Elon Musk could be involved.

From achieving fully decentralized governance through the implementation of the Plomin hard fork to anticipated institutional demand amid exchange-traded fund developments, the Cardano community has had several reasons to be excited lately.

But this has not stopped Cardano founder Charles Hoskinson from stirring the pot even more.

Someone Special

“I am meeting a very special person towards the end of the month, can’t say who it is, but you know, just getting stuff set up for that,” Hoskinson asserted in a surprise February 2 Ask Me Anything session where he expressed optimism about what the month could hold for the ecosystem.

Over a week later, this line continues to positively puzzle the community as influential members draw attention to the statement, with the big question being who this “very special” person could be.

Judging by a recent poll that went live on Monday, February 10, and has seen nearly 7,000 votes, most community members think this special person is none other than Tesla CEO and U.S. Department of Government Efficiency Head Elon Musk.

Cardano community poll on who Hoskinson is set to meet with at the end of February 2025
Cardano community poll on who Hoskinson is set to meet with at the end of February 2025. Source: X

The speculation comes amid reports suggesting that the world’s richest man, being the head of D.O.G.E., is considering putting the U.S. government on a blockchain to bolster transparency and efficiency.

It helps that in recent weeks, Hoskinson can be found under almost any X post related to Musk, either defending or supporting the controversial billionaire.

See here—

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Some more.

Meanwhile, Hoskinson has thrown in a twist. He has now suggested that he could be meeting with more than one person in response to the ongoing poll.

Other names being considered are the White House Crypto Czar David Sacks, former Binance CEO Changpeng “CZ” Zhao, and “someone irrelevant,” which currently holds second place in the poll.

Amid the speculation, ADA, the native token of the Cardano network, is trading over 15% higher on the day, near $0.80. However, a chunk of these gains is likely due to speculation of growing institutional demand following news that Grayscale has filed to launch a spot ETF based on the asset.

Shiba Inu Futures Volume Surged to $2.72B Only to Tank By 90% to $0.28B: Here’s What Happened

Albert Brown
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Shiba Inu futures volume surged to $2.72 billion before dropping 90%, mirroring short-lived speculation across meme coins.

Shiba Inu (SHIB), one of the most widely recognized meme-inspired cryptocurrencies, is currently trading within a narrow range, indicating a period of price consolidation. 

At press time, SHIB’s value stands at $0.00001622, reflecting a 2.58% increase over the past 24 hours. However, market data suggests that recent futures volume spikes were driven by short-term speculation rather than sustained interest.

Shiba Inu Futures Volume Peaks and Collapses

On-chain data from Glassnode highlights a sharp yet brief increase in SHIB futures volume, which quickly diminished. At its peak, SHIB futures volume reached $2.72 billion, reflecting intense market speculation. Notably, this peak volume occurred between November and December 2024.

However, this momentum did not last, as volume collapsed to $0.28 billion as of present, marking a steep 90% decline. This rapid fluctuation indicates that the rally was primarily fueled by short-term traders rather than long-term holders or sustained demand.

The volatility in SHIB’s futures market coincided with broader activity in the meme coin sector. Other major meme tokens, including Dogecoin (DOGE), Dogwifhat (WIF), PEPE, and BONK, exhibited similar trends, with futures volume surging before experiencing sharp declines.

Glassnode chart showing Shiba Inu and other meme coin future volume data
Glassnode chart showing Shiba Inu and other meme coin future volume data

Broader Meme Coin Market 

DOGE, the dominant player in the meme coin space, recorded the highest futures volume among its peers. At its peak, DOGE futures volume reached $20.0 billion before dropping 85% to $3.0 billion.

Similarly, WIF saw strong interest, peaking at $2.87 billion before falling to $0.90 billion, reflecting a 69% decline. 

PEPE futures volume also declined, dropping from $7.37 billion to $1.59 billion, marking a 78% decrease. BONK experienced the most extreme drop, with futures volume plunging from $1.99 billion to $0.16 billion, a 92% decline.

These patterns suggest that speculation played a key role in driving up futures volume across the meme coin sector. 

Blue-Chip Cryptos Maintain Stronger Demand

A comparison of meme coins with blue-chip cryptocurrencies highlights a stark contrast in market behavior. Bitcoin (BTC) and Ethereum (ETH) experienced moderate pullbacks but maintained strong demand over an extended period. 

BTC futures volume declined from $98.4 billion to $54.4 billion, a 45% decrease, while ETH futures volume dropped from $43.4 billion to $36.2 billion, marking a 17% decline.

Solana (SOL) futures volume also saw a substantial drop, falling from $14.7 billion to $7.9 billion, a 47% decrease.

Here are the Latest Odds of XRP ETF Approval According to Bloomberg

Abdulkarim Abdulwahab
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Here are the Latest Odds of XRP ETF Approval According to Bloomberg

Bloomberg analysts Eric Balchunas and James Seyffart have made a bold prediction regarding the likelihood of XRP ETF receiving approval from the SEC.

In a tweet, Seyffart shared that he and Balchunas recently reviewed the filings for spot crypto ETFs. Based on their analysis, they assigned relatively high odds of approval for various filings.

While there are currently six altcoin ETF filings with the SEC, their focus remains on XRP, Solana, Litecoin, and Dogecoin.

XRP Approval Odds at 65%

Notably, asset managers that have filed S-1 registration statements for XRP ETFs include Grayscale, Bitwise, Canary, 21Shares, and WisdomTree. These firms have also submitted their Form 19b-4 filings to the SEC via stock exchanges Nasdaq and Cboe.

Meanwhile, at press time, the SEC has yet to acknowledge the 19b-4 filings for these XRP ETFs. Nonetheless, the SEC now has a decision deadline for the XRP ETFs by October 17, 2025.

Based on these factors, Balchunas and Seyffart believe XRP ETFs have just above an average chance of approval this year.

In particular, the Bloomberg analysts are placing a 65% chance on the approval of XRP ETFs. One key factor influencing this perspective is that the SEC does not currently view XRP as a commodity.

Notably, the SEC, under the previous leadership, categorized XRP as a security until a federal court annulled this categorization.

Meanwhile, the Bloomberg analysts are providing more optimistic approval odds for other altcoin ETFs.

Higher Odds of Approval for ETFs of Dogecoin, Litecoin, and Solana

Balchunas and Seyffart give the highest chance of approval to a Litecoin ETF at 90%. Notably, the SEC has acknowledged the 19b-4 filings for Litecoin ETFs and views LTC as a commodity.

A similar situation applies to Dogecoin. While the SEC has yet to acknowledge the 19b-4 filings for DOGE ETFs, the agency views the meme coin as a commodity, earning a 75% chance of approval.

Meanwhile, Balchunas and Seyffart have given Solana ETFs an even higher 70% chance of success even though, like XRP, the SEC does not view Solana as a commodity.

Image
XRP and altcoin ETF approval odds according to Bloomberg analysts

Odds for XRP ETF Approval to Improve

The Bloomberg analysts pointed out that the odds of approval for XRP ETFs could improve if the SEC acknowledges the 19b-4 filings for XRP and Dogecoin, potentially as early as this week.

Additionally, Seyffart mentioned that the SEC, particularly under the Crypto Task Force, will address some of the security and commodity implications from ongoing lawsuits before the end of 2025. He noted that these developments could boost the approval chances for the pending ETF applications.

Notably, on the popular betting portal Polymarket, market expectations give the odds of XRP ETF approval this year at 81%.

ADA Spikes 16% as Grayscale Becomes First to File for a Spot Cardano ETF

Elendu Benedict
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ADA Spikes 16% as Grayscale Becomes First to File for a Spot Cardano ETF

Grayscale becomes the first asset manager to file for a spot Cardano ETF in the United States as the race for crypto ETFs heats up.

Digital asset manager Grayscale is looking to list and trade a Cardano spot exchange-traded fund (ETF). On Monday, the NYSE Arca filed for the investment product with the US Securities and Exchange Commission (SEC) on behalf of Grayscale.

The ETF, the Grayscale Cardano Trust, will track ADA’s performance and provide institutional and retail investors with alternative access to the high-caliber cryptocurrency. Notably, this is the first Cardano spot ETF filing in the US and the first standalone Cardano product from Grayscale.

For context, Grayscale already provides Cardano exposure through its Digital Large Cap Fund and Smart Contract Ex-Ethereum Fund. However, this is the first to focus solely on tracking ADA’s performance.

Cardano Surges 16%

Meanwhile, the news has contributed to Cardano’s strong bounce today. The ninth-largest cryptocurrency by market cap has surged an impressive 16% in the past 24 hours following the Grayscale filing.

The upsurge increased its weekly gains to 17%, almost entirely recovering all losses from last week’s correction. At the time of writing, the asset trades at $0.8006 and has a market cap of $28.2 billion.

The ETF Filings Keeps Coming

Meanwhile, Grayscale’s Cardano filing is the 60th ETF filing for a crypto product this year. Asset managers submitted applications for XRP, Dogecoin, and Solana ETFs earlier. Last month, Tuttle Capital filed for eight leveraged ETF products, including one around Cardano.

ETF Store president Nate Geraci confirmed the latest Grayscale application, revealing that it was one of the three ETF filings yesterday. On the same day, Nasdaq filed a 19b-4 form with the SEC to list and trade an XRP and Litecoin ETF on behalf of asset manager CoinShares.

Ripple Settlement to Come Before XRP ETF Approvals, Says Top Legal Expert

Lele Jima
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Ripple Settlement to Come Before XRP ETF Approvals, Says Top Legal Expert

Attorney Jeremy Hogan speculates that a settlement in the SEC v. Ripple lawsuit is more likely to happen before XRP ETFs are approved. 

The prominent legal expert made this known yesterday in response to an inquiry from an XRP community member. In an X post, the user asked Attorney Hogan whether the SEC would approve at least one of the multiple XRP ETF filings before settling or dismissing its lawsuit against Ripple. 

Attorney Hogan Responds

Responding, the lawyer clarified that the SEC would likely settle or dismiss the Ripple case before approving any XRP ETFs. This is because XRP is embroiled in regulatory uncertainty, which makes ETF approval less likely. 

In a follow-up tweet, Hogan emphasized that the ongoing SEC v. Ripple lawsuit does not have anything that will legally impact the approval of an XRP ETF. 

Attorney Hogan stated that the court’s ruling that XRP is not a security is the only key factor for ETF approval. Furthermore, he indicated that the remaining issue in the lawsuit relates to Ripple’s XRP sales on exchanges.

SEC v. Ripple Lawsuit 

While the SEC initially claimed that Ripple violated securities laws by selling XRP to retail and institutional investors without obtaining registration, a New York federal judge ruled otherwise. 

Judge Analisa Torres held that Ripple’s XRP sales to retail investors and other distributions were not investment contracts. However, she characterized those made to institutional clients as securities. 

Under its previous leadership, the SEC appealed the ruling in the second circuit and has already filed its opening brief. Ripple is expected to file its response on April 16, 2025. 

Ripple Lawsuit Triggers Concern Among XRP Community Members 

With the case still ongoing, several XRP enthusiasts are concerned about whether it could affect the coin’s ETF approval. 

For context, several prospective issuers, including WisdomTree, Bitwise, Canary, 21Shares, CoinShares, and Grayscale, have submitted S-1 documents to the SEC to launch XRP ETFs in the U.S. 

Additionally, top exchanges, including Nasdaq and Cboe, have also submitted 19b-4 applications to list and trade shares of these ETFs. 

Bloomberg Analysts Put XRP ETF Approval Odds in 2025 At 65% 

Bloomberg ETF analysts Eric Balchunas and James Seyffart have projected a 65% chance that an XRP ETF will be approved this year. 

Notably, XRP’s approval odds are lower than those of Litecoin, Dogecoin, and Solana, which Balchunas sets at 90%, 75%, and 70%, respectively. 

Per the analysis, the SEC has not acknowledged any of the 19b-4 applications for XRP ETFs. He also noted that the securities regulator does not consider XRP a commodity, drastically reducing its chance of ETF approval. 

In a follow-up tweet, Seyffart speculates that the SEC and its Crypto Task Force, led by Commissioner Peirce, could untangle some of the security vs. commodity implications from lawsuits this year. If this happens, it could potentially bolster XRP ETF approval odds.

Here is The Level XRP Must Hold to Build Momentum Toward $3

Sam Wisdom Raphael
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Here is The Level XRP Must Hold to Build Momentum Toward $3

As XRP consolidates, prominent analyst Ali Martinez calls attention to the support level it must hold to build bullish momentum.

The market commentator’s disclosure comes amid the ongoing market uncertainty that has kept XRP grounded at the $2 territory. Recall that XRP relinquished the $3 psychological mark earlier in the month and has failed to recover it over the past few days. 

Now, with the market reacting mildly to concerns of a potential trade war amid President Donald Trump’s plans to increase tariffs on aluminum and steel, the bears are looking to push XRP below $2 again. An attempt came up on Feb. 9, but XRP held strong above the $2.31 support.

XRP Must Hold Above $2.27

As uncertainty grips the scene, Martinez says XRP must maintain its position above $2.27. In his latest XRP price analysis, the market watcher showed that XRP has been moving within an upward parallel channel on the 4-hour chart since early December 2024.

The upward direction of the channel indicates that despite the recent turbulence, XRP remains in an uptrend, as evidenced by the higher lows. However, it appears the crypto asset is on the verge of losing this uptrend.

Data from the chart shows that XRP has slipped below the median line of the parallel channel and is now retesting the lower trendline amid the latest short-term downturn. So far, the altcoin has retested the lower trendline twice this month alone but has always rebounded off the support.

Martinez has identified the last major support as $2.27, aligning with the Fibonacci 23.6% retracement level. Particularly, if XRP breaches below this $2.27 support, it will likely drop underneath the parallel channel, essentially invalidating the ongoing uptrend. 

As a result, the analyst suggested that XRP must hold above this $2.27 level. He believes, as long as the altcoin maintains a position above this support, it can resume the bullish push and build the momentum necessary to finally reclaim the $3 mark, currently at the 78.5% Fibonacci retracement.

XRP Consolidates as Market Awaits Clear Direction

Don, an order book expert, has also emphasized the importance of XRP holding above its major support while trading within a key value area. According to him, XRP has behaved as expected, stabilizing within this range over the past week.  

He noted that the highest-traded volume level since the last major market event sits at the center of XRP’s current price range, as XRP changes hands at $2.49. This suggests the asset is fairly valued, with neither buyers nor sellers dominating. 

XRP 4h Chart Dom
XRP 4h Chart | Dom

However, he believes XRP’s next move will depend on BTC’s direction, since Bitcoin often dictates the direction of the broader market. Nonetheless, he called attention to the firstborn crypto’s four consecutive daily doji candles. 

In his analysis, he outlined key price levels to watch. If XRP breaks above $2.50, he sees potential for a rally into the $2.70s. Conversely, if the price falls below $2.30, it could trigger a move toward the lower $2.00 range.

Black Swan Capitalist Founder Predicts XRP Will Lead the Crypto Market in 2025

Okoya David
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Black Swan Capitalist Founder Predicts XRP Will Lead the Crypto Market in 2025

XRP will take the lead in the crypto market in 2025, according to Black Swan Capitalist founder and XRP perma bull Versan Aljarrah.

In a space rife with Libertarians and privacy advocates who have significant skepticism about power like crypto, certain theories unsurprisingly tend to thrive. One such theory is again being put in focus amid one XRP permabull’s call that the asset will usurp Bitcoin as the leader of the crypto market in 2025.

XRP a Tether Collapse Away from the Top?

XRP will take the lead in the crypto market in 2025, according to Black Swan Capitalist founder and XRP perma bull Versan Aljarrah. 

The YouTuber’s view is largely premised on a long-running theory in some sections of the crypto community that the leading stablecoin, Tether USDT, is being used to inflate Bitcoin’s value artificially.

This theory is rooted in a 2018 study by finance professors John Griffin and Amin Shams that found that a yet unidentified whale singlehandedly drove Bitcoin’s late 2017 rally using Tether issuance.

However, there is no proof of such manipulation in the asset’s current market. To buttress this, the Securities and Exchange Commission would likely not have approved Bitcoin exchange-traded funds if such existed.

Still, Aljarrah predicts Bitcoin will become less relevant the less powerful Tether becomes. He believes this outcome is imminent.

“USDT will be delisted globally for shady practices, while XRP’s regulatory clarity sets the stage for the new financial framework. As liquidity shifts to RLUSD, the only globally regulated institutional stablecoin, XRP will take the lead,” Aljarrah asserted, an outcome that sounds eerily similar to what he is accusing USDT of doing for Bitcoin.

The XRP permabull’s argument comes amid the growing focus on stablecoin regulations worldwide and Tether’s issues with compliance, as highlighted by its current struggles to comply with the European Union’s Market in Crypto-Assets (MiCA) regulation that has led to a barrage of delistings on exchanges in the region, with Crypto.com being the latest to do so.

Seemingly reacting to Crypto.com’s decision, the YouTuber asserted:

“Tether USDT is the Black Swan. Ripple XRP is the solution.”

Meanwhile, XRP’s $178 billion market cap remains less than a tenth of Bitcoin’s $2 trillion market cap at the time of writing.

At the same time, it is worth noting that any black swan event impacting Bitcoin will likely negatively impact the broader crypto market, including XRP.

Analyst Spots Key Dogecoin Pattern That Could Take DOGE Past $1

Sam Wisdom Raphael
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Analyst Spots Key Dogecoin Pattern That Could Take DOGE Past $1

A notable analyst calls attention to a historical Dogecoin pattern that could easily take DOGE beyond the $1 price mark.

For context, the $1 psychological level has been Dogecoin’s most elusive target since the 2020/2021 bull run. Despite the impressive 2021 run, DOGE failed to knock at the $1 mark, facing resistance at $0.74. However, the rally put it in a better position to aim for the milestone in the next bull run. 

With this goal in mind, market analyst Chandler points to a historical pattern that could allow Dogecoin to claim the $1 mark. Notably, this pattern has persisted over the past year, with DOGE observing it two times since December 2023, when the ongoing bull run first took shape.

Dogecoin Rallies 112% Higher Than Previous Top

According to Chandler, within this period, whenever Dogecoin makes a higher high and faces a pullback, its comeback rally typically leads to a more substantial higher high than the previous one. Chandler observed that the second higher high is typically 112% higher than the previous one.

This pattern first occurred from December 2023 to February 2024. Particularly, DOGE reached a top of $0.1075 on Dec. 11, 2023, on the back of the uptrend that began in October 2023. Nonetheless, after the $0.1075 top, a pullback ensued, pushing prices below the new high.

Interestingly, the recovery from this pullback led to a new higher high of $0.2290 in March 2024 amid the meme coin mania at the time. Data suggests that this new peak of $0.2290 was about 112% higher than the previous peak of $0.1075 from December 2023.

Nonetheless, as the meme coin mania cooled, DOGE faced another correction, which lasted until the market recovered in October 2024. This recovery took shape on the back of Donald Trump’s election victory, with Dogecoin surging to another peak of $0.4846 in December 2024. This marked a 112% increase from the previous peak of $0.2290.

Now, with Dogecoin battling another pullback from the new $0.4846 top, Chandler believes the next recovery push could lead to another peak that is 112% higher than the previous one. In this case, a 112% increase from $0.48 top would take dogecoin to $1.02.

Besides Chandler, several other market analysts expect Dogecoin to claim $1 in this cycle, with WSB Trader Rocko suggesting this could occur soon. Earlier this month, Trader Tardigrade further noted that a Dogecoin target of $1 is reasonable, citing his PO3 structure.

Meanwhile, others expect the $1 mark to only serve as Dogecoin’s stepping stone to greater heights. For instance, Javier Santini sees Dogecoin claiming $4 when it recovers from the ongoing correction.

Analyst Expects 1,500% XRP Rally to $27 as XRP Retests BMSB Amid Recent Drop to $1.7

Sam Wisdom Raphael
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Analyst Expects 1,500% XRP Rally to $27 as XRP Retests BMSB Amid Recent Drop to $1.7

EGRAG Crypto, a well-known analyst, believes XRP could secure a 1,500% rally in its next uptrend following a retest of the BMSB.

For context, the BMSB refers to the Bull Market Support Band, a major dynamic trendline used to determine if XRP is in a bull or a bear market. Notably, XRP decisively soared above this BMSB when its price rallied from $0.50 last November on the back of the U.S. elections.

XRP Retests the BMSB 

From this level, XRP reclaimed several psychological levels, including the $1 and $2 price territories last year, further cementing its position in the bull market and setting up a massive distance between its price and the bull market support band (BMSB).

Amid the uptrend, XRP recovered $3 last month. Interestingly, earlier last month, while XRP showed strong fundamentals, EGRAG suggested the asset could encounter a rendezvous that would see it revisit the BMSB. The analyst essentially predicted a major pullback to retest lower support levels.

XRP 2W Chart EGRAG Crypto
XRP 2W Chart | EGRAG Crypto

This rendezvous occurred this month, February 2025, as XRP eventually collapsed to a new yearly low of $1.76 on Feb. 3. This drop allowed XRP to retest the BMSB, currently positioned around $1.7. However, the asset recovered immediately, respecting the support in this area.

For context, EGRAG suggested in the previous analysis that XRP’s potential to recover from the rendezvous would depend on its ability to respect and hold above the BMSB. Moreover, with the drop to $1.76, XRP also retested an area EGRAG calls the Purple Foundation, which presents additional support.

A Recovery Could Push XRP to $27

In his latest analysis, the market commentator pointed out that the retest of the BMSB and the Purple Foundation is historically significant. Data from the weekly chart indicates that XRP also revisited the Purple Foundation and nearly retested the BMSB in April 2017 after an earlier upsurge from February to late March 2017.

Interestingly, after the pullback to $0.0250 in April, XRP secured an impressive recovery, surging to $0.3988 in May 2017 and then consolidating for the rest of the year. However, from December 2017, the altcoin surged again, claiming the all-time high above $3 in January 2018.

EGRAG Crypto believes the initial recovery could repeat this year. According to his analysis, if a similar trend plays out, XRP’s recovery from the ongoing downtrend would lead to a 1,500% rise from the $1.7 low. Such an upsurge translates to a price target of $27. 

The market analyst has persistently argued for an XRP to $27 target over the past few months, citing varying catalysts. Last December, he insisted that XRP could still hit $27 amid an expected rendezvous with the 21-period MA. In his Bifrost Bridge analysis, EGRAG also predicted XRP to reach $27.

Currently, XRP changes hands at $2.37, up 2% over the past 24 hours. This makes it the highest gainer among the top 10 assets, as nearly every token is witnessing losses. XRP would need a 1,039% rally from the current position to reach $27.

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