Last updated: 18.05.2024 – 17:32
Famous cryptocurrency analyst EGRAG CRYPTO recently XRP coin He shared his views on the future of . Focusing on the XRP/BTC trading pair chart, the analyst highlighted the recent increase in Bitcoin price and its impact on the XRP/BTC rate. The rate decreased to 0.00000771 on May 15, 2024.
This development creates expectations for a continuous decline in the XRP/BTC rate, while reinforcing the belief that BTC will gain more. It is possible that the analyst predicted this decline. However, the analyst adds that hopes are not lost for XRP. Because he is of the opinion that the comeback may come soon.
Key Takeaways and Potential Scenarios
EGRAG Crypto incentivized XRP holders by setting the target range for the XRP/BTC ratio. According to his analysis, reaching a level between 0.00000710 and 0.00000555 is likely to mean a significant price increase for XRP. In this context, it could potentially reflect the surge witnessed during the 2017 cryptocurrency bull run.
What is the XRP/BTC Rate?
The XRP/BTC ratio represents the value of an XRP coin against the value of Bitcoin (BTC). A decreasing ratio indicates that more XRP is needed to purchase the same amount of BTC. Conversely, an increasing ratio indicates that less XRP is required to obtain the same amount of BTC.
A trader recently predicted that XRP would go to zero based on this chart. However, EGRAG CRYPTO stated that this prediction could become a source of humor if XRP recovers.
A Critical Look at the Analysis of EGRAG CRYPTO
It is very important to recognize that technical analysis does not provide definitive results. Past performance does not guarantee future results and technical analysis is just a piece of the puzzle. Different factors affecting the price of XRP include fundamental developments, regulatory decisions and general economic conditions.
EGRAG Crypto’s analysis gives an interesting perspective on the XRP/BTC ratio and potential future price movements for XRP. Although he predicts a price decline, this could ultimately lead to a historic rise. Another prominent analyst pointed out stupid money investors in February.
These investors are those who lost confidence during the bear market and pulled out before volatility began. In this context, it is possible that EGRAG CRYPTO’s prediction is a bear market that could lead to this volatility. Considering that many investors have experienced the same situation since the 2017 cycle, it may be reasonable to expect many of them to follow suit before the next bull run.
