Popular cross-border crypto asset XRP has maintained relevance in the crypto space despite the baggage of uncertainties accompanying the coin courtesy of the protracted regulatory meltdown between its largest distributors, Ripple, and the United States Securities and Exchange Commission (SEC).
Like most crypto assets, XRP has been mirroring sideways market trends with little hope of eliciting any sudden change that could swing the token in a bullish trajectory.
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Why is #XRP suddenly decoupling pic.twitter.com/UPxM3GYiGe
— Cobb (@AlexCobb_) June 17, 2024
While the above assertions might likely hold based on present market conditions, chances are high that a final court ruling in the legal dispute between the SEC and Ripple can happen anytime within the year, catalyzing XRP’s price drive in the opposite direction.
Amid the uncertainties, Egrag Crypto, a renowned market analyst, and digital assets enthusiast, recently projected that XRP will hit $50, citing a triangular pattern on the coin’s price chart.
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Analyst’s Explanation That Answers The Question – Will XRP Hit $50?
According to a post on X that has attracted considerable attention, Egrag Crypto displayed a chart with three triangles, all consolidating at the forward-pointing apex to birth new price highs for the token since 2014.
Notably, two triangles out of the three triangles depicted XRP’s price actions in the past. The third triangle represents the coin’s current situation, which we shall dwell on since it mirrors the current market status.
The third triangle was termed “Next Triangle Consolidation,” which Egrag noted would birth XRP at $50. Interestingly, the upward-pointing apex was directed slightly above the $200 price level, heightening the skepticism in his analysis.
“In the future, newbies will say XRP is stagnant around $50 instead of $0.50. They will say XRP only pumped from $50 to $200. They will never comprehend seven years of conviction and dedication,” Egrag remarked on X
Going further, the market expert called for patience with XRP, acknowledging that frustration is gradually rising, even among XRPL builders.
#XRP NEXT TRIANGLE CONSOLIDATION ✅
In the future, newbies will say #XRP is stagnant around $50 instead of $0.50. They will say #XRP only pumped from $50 to $200. They will never comprehend 7 years of conviction and dedication. 😤💪
Even #XRPL Builders are starting to nag and… pic.twitter.com/5WVIYWkvov
— EGRAG CRYPTO (@egragcrypto) June 17, 2024
XRP Market Variables Indicating That XRP At $50 Sounds Ridiculous
At press time, XRP is changing hands at about $0.51, mirroring an impressive 5.2% upswing in the past 24 hours. The coin’s 24-hour minimum and maximum price range indicated prices of about$0.48 and $0.52, respectively, implying a significant improvement within a day interval.
Notably, XRP attained its all-time high (ATH) when it touched $3.4, indicating that it is currently about 84.8% below its ATH when other tokens seem to be breaking above their peak prices and setting new ATHs.
The above makes XRP’s projected ascent to $50 a bit unrealistic. It gets even more ridiculous considering that it must appreciate by approximately 9,703.9% to hit the predicted $50 price target.
XRP’s Adoption Continues To Soar Despite Setbacks
While XRP might be experiencing setbacks that have hindered the token’s price expansion over the years, its parent company, Ripple, has continued to gain global acceptance, indicating that its payment token, XRP, has massive potential for growth once the lawsuit concludes in Ripple’s favor.
Recently, Ripple Chief Executive Officer (CEO) Brad Garlinghouse stated in a video that has been making rounds on X that the payment platform has secured partnerships with ten governments across the globe to leverage Ripple’s unique payment system for their Central Bank Digital Currency (CBDC) Innovations.
🚨CEO of @Ripple Brad Garlinghouse confirms his company is working with 10 Governments around the world on CBDCs!#XRP will bridge CBDCs to settle money from A to B.
XRP $1,000+ 🚀📈 pic.twitter.com/xVFEKkHToy
— JackTheRippler ©️ (@RippleXrpie) June 17, 2024
Ripple’s recent collaborations, coupled with other landmark achievements in the past, have placed the cross-border payment platform in a pole position for wider global acceptance. At the same time, its native token XRP will experience better exponential growth, making Egrag’s XRP at $50 assertion a possibility.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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