In a significant development, the United States Securities and Exchange Commission (SEC) has formally extended its lawsuit against Ripple by filing a Notice of Appeal regarding Judge Torres’s ruling. This news has had immediate repercussions on the market, causing the price of XRP to plummet by over 10%. Despite this dip, renowned crypto analyst Egrag Crypto remains optimistic, maintaining a bullish outlook with a price target of $7.50 for XRP in the current bull run.
Why $7.5 Is Still Possible For XRP Price
Egrag’s analysis, shared on social media platform X, highlights the resilience of XRP’s pricing structure even amidst external pressures. He asserts, “I understand that the SEC appeal might feel like the end of the world, but the chart has been signaling a retest was coming! My previous post accurately predicted this. The range of $0.5428 – $0.5375 is STILL in play!”
Understanding the Technical Indicators
In his detailed chart analysis, Egrag reassures XRP holders that the foundational trading strategies should remain unaffected by temporary legal challenges. He identifies two pivotal trend lines, coined the “Atlas Line” and the “Genuine Wake-Up Line,” which have been influential in dictating XRP’s price movements for over four years.
The “Atlas Line” serves as a crucial support level for the bull run, suggesting that as long as the price remains above this marker, the bullish outlook is intact. Conversely, breaching the “Genuine Wake-Up Line” is necessary for entering a bullish territory.
Potential Price Movements and Market Sentiments
While acknowledging possible deviations above or below these trend lines, Egrag states, “From a technical analysis perspective, the game plan remains solid. On a macro level, as long as XRP doesn’t fall below $0.28, there’s no cause for concern. However, until XRP surpasses $0.75, a full-on bull run is unlikely. We might see downward movements towards $0.43, but the macro-level outlook remains unchanged.”
Long-Term Vision and Community Perspective
Despite market volatility, Egrag remains steadfast, asserting, “What’s next? NOTHING has changed: XRP IS STILL NOT A SECURITY.” He encourages investors to look beyond immediate market fluctuations, emphasizing the importance of technical indicators over sentiments driven by regulatory actions.
His ambitious “Critical Target Level” of $7.50 reflects his strong belief in XRP’s potential upward trajectory, despite current market challenges. Achieving this target would require a substantial rally of more than 1,300% from current prices.
Addressing the community and skeptics, Egrag states, “Everything in between? Just noise. And while this noise may be unsettling for newcomers, experienced investors see it as an opportunity to accumulate more XRP. I’m actually pleased about the SEC appeal because it provides my other investments a chance to gain, and when they do, I’ll reinvest those profits into XRP.”
