XRP, the digital asset, faced a significant setback today as its price dropped below the $0.5 level for the first time in two months. The decline saw XRP plummet to $0.4936, marking a 7.18% loss from its previous price of $0.5318.
This decline in XRP’s price mirrored the performance of Bitcoin, the leading cryptocurrency, which fell from nearly $69,000 to $65,521 on Friday. However, the crypto market is already showing signs of recovery, with XRP currently trading at $0.5140 as Bitcoin surges back to around the $67,000 level.
It is worth noting that the price movements of XRP and Bitcoin are closely intertwined, highlighting Bitcoin’s influence on XRP’s price action. Analyst Egrag, a well-known figure in the XRP community, recently provided potential price targets for XRP based on Bitcoin’s bullish trajectory.
Egrag’s analysis suggests that if Bitcoin reclaims the $70,000 level, XRP could experience a significant surge of 2,234%, reaching a price of $12. This projection is more substantial than the projected 5% increase for Bitcoin.
Egrag’s ambitious target for XRP is largely influenced by the potential breakout above the 0.000010 level in the XRP/BTC pair. In previous cycles, breaking this level has triggered strong upward movements, and Egrag anticipates a similar breakout this time. Currently, XRP/BTC is at 0.00000767 BTC, showing a 1.86% increase, with XRP holding the advantage.
Furthermore, Egrag predicts even higher levels for XRP if Bitcoin reaches the coveted $100,000 price point. In this scenario, XRP could trade as high as $17. If Bitcoin advances further to $130,000, Egrag believes XRP’s price would rise to $22.
The most ambitious target mentioned in Egrag’s analysis is $200,000 for Bitcoin. If this level is reached, representing a 200% increase from its current level, Egrag expects XRP to trade at $34. This would mark an astonishing 6,515% increase from its current price.
It is important to note that this information is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses.