Crypto analyst Egrag Crypto has raised the possibility of the XRP price rallying to $200. This followed his analysis using the regression model, which showed that the altcoin could record a 5,600% rally to this price target. 

How The XRP Price Could Rally 5,600% To $200

In an X post, Egrag Crypto predicted that the XRP price could rally to $200 if it were to overshoot the linear regression line. He alluded to the monthly timeframe, which reflected the analysis of hits, misses, and overshoots using linear regression on a log scale. The analyst then noted that the analysis is grounded in a 2-standard deviation model. 

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Egrag Crypto further highlighted the R-squared value in the regression model. He explained that this is a critical metric in indicating how well the regression line fits the data, with values closer to 1 representing a better fit. Essentially, 0.0 means no correlation, 0.5 indicates a moderate correlation, and 1 indicates a perfect correlation. 

The crypto analyst then revealed that the current R-squared is at 0.84754, indicating a highly fitting model. He further remarked that this means around 84.75% of the variance in the dependent variable can be explained by the independent variable. In applying this theory to XRP price prediction, Egrag Crypto stated that the altcoin has reached the upper edge of the regression line three times. 

Notably, the XRP price recorded a notable overshoot on one occasion, when it surged by 570%. Meanwhile, in the 2021 cycle, it missed the target by 45%. Egrag Crypto stated that the altcoin is currently hovering around the midpoint of the regression. 

Based on his analysis, a hit of this regression line would put XRP at $27, while a miss of 45%, as seen in the 2021 cycle, would put the altcoin at $18. The overshoot of 570% is what could cause XRP to skyrocket to $200. Egrag Crypto noted that these targets will likely increase as the regression model is trending upward.

What’s Next For The Altcoin

Crypto analyst CasiTrades has provided insights into what to expect from the XRP price amid the latest decline. In an X post, she noted that the altcoin has printed a new low and remains within its larger consolidation pattern, even as it recently tested the key trendline around $2.91. The analyst also revealed that the area is the golden retrace, which is where Wave 2s love to correct before continuing higher. 

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As such, if this level holds, CasiTrades believes that the XRP price could be setting up a textbook Elliot Wave continuation for Wave 3. She stated that the next confirmation point is $3.12. The analyst explained that this is the resistance level that is capping a higher move. Therefore, a break above that level would mean that the higher Fibonacci extensions are aligning nicely. 

At the time of writing, the XRP Price is trading at around $3, down in the last 24 hours, according to data from CoinMarketCap.

Featured image from iStock, chart from Tradingview.com

The Bitcoin price has stalled after hitting the $71,000 level, floating in what is essentially a limbo of indecisiveness. Naturally, periods like these act as a predecessor to a massive move, but what direction the price might be headed in is another thing entirely. In an effort to pinpoint where Bitcoin is going, crypto analyst Alan Santana has analyzed the Bitcoin chart and come up with a possible direction.

Bitcoin Could Be Headed Downward

Alan Santana’s analysis looks at the Bitcoin performance over the past year in a bid to tell where the price might be headed. As the analyst points out, the Bitcoin price has been in a bullish wave for more than one year, 479 days to be exact, since November 2022 through to March 2024.

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Naturally, when bullish waves like these last for so long, it is expected that there will be a crash downward as investors begin to sell off their holdings. The problem is that bearish waves after a bullish wave move faster, and with the bullish wave lasting for 16 months, the bearish wave is expected to unravel quickly. As the crypto analyst points out, it is often 2x or 2.5x faster than the bullish wave.

Explaining the reason behind this, Alan Santana said that, “When the market is rising, people are buying, slowly but surely, building up a position and enjoying the market and profits as everything grows. This is not the case when the market turns.”

He further explains that “When a correction happens, people either prepare in advance or sell when they realize that the upward potential has been exhausted. So instead of ‘building a position,’ when the majority of players realize that the wave is over they tend to close the entire position, and thus, the down move can really speed up, and that’s why the down move is faster than when prices grow.”

Given this, the crypto analyst expects the bearish wave to come with a sharp crash for Bitcoin. This, by extension, would affect the rest of the market, which is known to suffer more than Bitcoin.

Where Is The BTC Price Headed From Here?

In the bearish wave expected by the crypto analyst, he believes that the Bitcoin price could crash more than 30% from its current price of $71,000. The chart shows a possible initial crash down to the $60,000 levels, and then he expects it to continue further.

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At the bottom of this crash is the $47,943 level, presumably where the analyst expects the crash to end. If this does happen, then the BTC price could be looking at an approximately 33% crash, something that could be incredibly bearish for the market.

Featured image created with Dall.E, chart from Tradingview.com

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