Analyst Identifies Timeline for XRP to Hit $41, Citing Tesla Path with a Factor of 10
Market commentator EGRAG believes that if XRP follows the price pattern of Tesla from 2018 to 2023, its price could increase by 1,667%. A recent analysis has found similarities between Tesla’s historical price movements and XRP’s current trajectory, suggesting that a major rally could follow its ongoing correction.
Interestingly, this market commentary comes from analyst EGRAG, who believes that XRP could imitate Tesla’s path and potentially reach a price of $41 within the next 91 days.
Tesla experienced a significant price drop in December 2018 after CEO Elon Musk appeared on the CBS program “60 Minutes.” The stock fell to $12 during a corrective phase but later made a remarkable recovery. Over the next 912 days, Tesla witnessed an impressive rebound. After surpassing the previous high of $24, Tesla surged and reached a resistance level of $58 in April 2020. It then surpassed this level and reached a peak of $170 by late 2020, and ultimately reached $410 in November 2021.
EGRAG identified similar circumstances in XRP’s market. He noted Ripple CEO Brad Garlinghouse’s appearance on the same program in December 2024, which was followed by a price drop. While the chart indicates that XRP’s decline may continue in the short term, EGRAG believes that it mirrors Tesla’s early struggles before its explosive rally. As of today, XRP is trading at $2.22 after a 1.97% gain, still significantly below its peak of $2.90 on December 3.
This decline, accelerated by hawkish comments from the Federal Reserve, has placed XRP approximately 20% below its recent highs. The chart analysis also highlights a critical support level at $2.1244, which could play a crucial role in XRP’s recovery. Meanwhile, EGRAG expects a steeper correction, with prices potentially dropping to $1.20 before rebounding. Despite these bearish movements, the analyst remains optimistic about a massive rally following this phase.
According to EGRAG’s projection, after the projected drop to $1.20, XRP could recover to reach $2.4 and then surge to $5.6, a new all-time high. Beyond this level, EGRAG expects an XRP rally to $17 before eventually reaching the ultimate target of $41 in 91 days.
EGRAG justified the 10X factor by stating that cryptocurrency moves faster than stocks, therefore reducing Tesla’s 912-day rally to 91 days for XRP. With XRP currently trading at $2.32, a rally to $41 would require a massive increase of 1,667%.
Tags:
Latest XRP (Ripple) News Today
Tesla
XRP Price Prediction