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Analyst Predicts Despite Crypto Market Dip – Crypto News

Published

1 year ago

April 25, 2024

Dripp

In an unprecedented turn of events, a renowned crypto market analyst recently shared a post on X, garnering significant attention to XRP’s price trajectory. Notably, per Egrag Crypto’s post, dated April 25, an imminent $1.4 target for the Ripple-backed token looms over the crypto horizon.

This statement, emerging amidst the broader downturn witnessed across the digital assets sector, fueled immense investor enthusiasm for the crypto’s price action ahead. Meanwhile, the analyst also ruled out a $4 price target for the Ripple-backed token, but there is a catch.

Here’s a deeper dive into the analyst’s remarks on XRP’s price movements.

Egrag Crypto’s Price Targets For XRP – $1.4 & $4: Report

In a post shared on X amidst the crypto market’s recent crash, Egrag Crypto drew attention to XRP’s current price movement, as denoted by the blue section on the token’s chart. Per the analyst, XRP’s current price trajectory hints at a potential run towards $1.4 by June-July, with a possible price range between $1.2 and $1.8.

This remark boosted significant optimistic market sentiments on the Ripple-backed token. Whereas, further optimism propelled with the analyst drawing attention to a potential $4 price target for XRP.

Intriguingly, drawing parallels with the Ripple-backed token’s historical data, notably 2021, Egrag proclaimed that XRP’s run to $4 is feasible, highlighting the yellow section in the chart. To this, the analyst added, “the Blue Trend line aligns with a yellowish fractal, supporting the likelihood of this scenario,” adding fuel to the token’s optimistic fire.

However, XRP has yet to achieve its much-anticipated $1 target for April, with the token illustrating a sluggish market performance in the past few days. This has painted an enigmatic picture of the Ripple-backed crypto, with investors keenly awaiting a substantial rising price trajectory ahead.

Meanwhile, XRP traded in the red at press time.

Also Read: BNB Update: Top Reasons Why BNB Might Hit $700 Soon

XRP Price Plunges Stirring Speculations

As of writing, the XRP price has slipped 5.02% in the past 24 hours and is currently resting at $0.5182. This slip in the token’s price aligns with the slump witnessed across the broader cryptocurrency sector today, birthing questions among investors surrounding the token’s price action ahead.

Coinglass flagged a 4.33% dip in XRP’s open interest, whereas derivatives volume sprung 40.78%. This added to the token’s enigmatic stance at press time, although the analyst appears to have retained bullishness on the Ripple-backed token.

Also Read: Why Crypto Prices Are Taking A Dip Today?