Analyst EGRAG CRYPTO has made controversial predictions regarding the future price of Ripple (XRP), pointing to potential bearish scenarios.
Future Price Scenarios for XRP
In his analysis published on July 27, EGRAG CRYPTO outlined two potential scenarios for XRP based on historical data and technical analysis. The first scenario assumes that XRP may follow its 2017 trajectory, potentially reaching $27, followed by a 97% drop to around $0.80.
> "If we anticipate a $27 cycle and experience a similar 97% drop, XRP’s next bear market target could be around $0.80. Can you handle that?"
The second scenario is more moderate, based on a symmetrical triangle. It suggests a peak of around $9 for XRP, followed by an 85% drop bringing the asset to approximately $1.30.
> "The measured move based on the middle of the symmetrical triangle positions us around $9. If we see a similar bear market decline of 85%, you could be looking to buy back XRP at approximately $1.30."
Market Reactions
EGRAG's outlook counters the growing optimism surrounding XRP’s recent surge. As mentioned earlier, XRP broke out of a 7-month range, touching a new multi-year high of $3.65 before pulling back to retest support at $3.00.
Institutional activity is driving the rally, with firms like Nature’s Miracle Holding (NMHI) allocating $20 million to an XRP treasury program. On-chain data also shows whales accumulating 280 million XRP in recent days, signaling confidence in further upside.
Outlook and Predictions
As of the time of writing, the world’s third-largest cryptocurrency was trading at $3.26, recovering 2.6% in the last 24 hours, but still down 8.6% over the past week. Despite short-term softness, the asset remains up 49.1% this month and 438.7% year-over-year.
While analyst Jonathan Carter suggests a bounce from $3 could propel XRP toward $4.60, a breakdown could easily trigger a retest at $2.50.
EGRAG CRYPTO's predictions highlight XRP's potential in both upward and downward trends. However, the outcome of the current bear cycle remains uncertain.
