XRP price is trading sideways alongside most cryptocurrencies in the market today. The coin had been trading above $0.5 until April 21, when a bearish wave pushed it below $0.45 to $0.43. The token has witnessed a slight recovery above $0.46 today.
As a result, crypto enthusiasts fear a further decline in XRP. Notably, a prominent crypto analyst shared a post responding to his friend’s forecast of XRP slumping to $0.10, but Egrag’s response was that technical indicators on XRP price don’t support such a price decline.Â
No Technical Indicator Supports Dropping To $0.10, Says Egrag
The ongoing market-wide downturn has caught up with XRP, its price has been gaining momentum over the past few weeks. The coin succumbed to the bearish trend, pushing it to lose its past week’s gain by 9.87%. This downturn has stirred reactions among the crypto community, with people, including Egrag’s friend speculating a drop back to $0.10.
However, Egrag reacting to his friend’s forecast, said it was a wrong call. The analyst shared some technical insights for XRP in response to the friend’s prediction. Egrag noted that XRP’s movements aligned with his predetermined technical indicators like the Fibonacci targets. And no technical indicator or Fibonacci targets support the idea of Ripple’s native coin price correction to $0.10.
Egrag said his friend’s forecast seems more like a personal speculative opinion than an analytic insight. He further noted that while a price correction to $0.10 is possible, the probability is slim and not as low as his friend speculates. Nevertheless, sudden regulatory enforcement could stir up such a price drop for XRP.
Egrag argued that while crypto assets have some immunity against bearish economic events, their prices are still susceptible to unforeseen occurrences. Therefore, any notable XRP price decline to $0.10 would rather be due to a regulatory action instead of mere market forces.Â
So, Egrag concluded that a price fall to $0.10 for XRP is technically impossible without unfair regulations. He encouraged the XRP Army to remain steadfast in support of the token as a significant price correction presents a buying opportunity.
XRP Price Outlook
Meanwhile, the XRP community anticipates the summary judgment for the Ripple vs. SEC lawsuit regarding the token’s status as a security.Â
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Experts speculate the outcome of this lawsuit will cause a notable change in the crypto market. Attorney John Deaton, Amicus Curiae in the XRP lawsuit, forecasted that a ruling might come before May 6.Â
XRP price often surged when Ripple hit some breakthroughs in the lawsuit. However, at press time, XRP is trading at $0.465, indicating a minor price recovery.
The token has surrendered its 14-week price gains by 8.6%, with a seven-day price decline of 11.3% due to the market-wide onslaught. XRP’s current price move aligns with Egrag’s previous prediction that the token could pull back between $0.43 and $0.48.
Featured image from Pixabay and chart from Tradingview
