According to analyst Egrag, there is a possibility that XRP could experience a massive surge of over 5,153% if Bitcoin manages to reclaim key price levels and reach the $160K threshold.
Today, XRP faced a significant setback, with its price falling below the $0.5 level for the first time in two months. On Friday, XRP dropped to $0.4936, resulting in a 7.18% loss from its previous price of $0.5318.
This decline in XRP’s price mirrored the performance of Bitcoin, as the leading cryptocurrency dropped to $65,521 from nearly $69K 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 $67K level.
It is worth noting that the price movements of both assets highlight the influence that Bitcoin has on XRP’s price action. Analyst Egrag, a prominent figure in the XRP community, recently shared potential price targets for XRP based on Bitcoin’s bullish trajectory.
One of Egrag’s projections suggests that if Bitcoin reclaims the $70K level, XRP could soar by 2,200%. Bitcoin has not reached this level since May, but Egrag, like many market observers, believes it could happen before the end of the year. In this scenario, he predicts that XRP could trade as high as $12.
Considering XRP’s current price of around $0.514, reaching $12 alongside Bitcoin reclaiming $70K would represent an astonishing 2,234% increase for XRP, compared to just a 5% increase for Bitcoin from its current level.
Egrag’s ambitious XRP target is heavily influenced by the potential breakout above the 0.000010 level in the XRP/BTC pair. This level has historically triggered strong upward movements, and he expects a similar breakout in this cycle. Currently, XRP/BTC is at 0.00000767 BTC, up by 1.86%, with XRP having the upper hand.
Furthermore, Egrag predicts even higher levels for XRP if Bitcoin reaches the coveted $100K price point. He suggests that XRP could trade as high as $17 in this scenario. If Bitcoin advances further to $130K, he believes XRP’s price would rise to $22.
In the event that Bitcoin surges by 140% from its current level to $160K, Egrag projects that XRP would experience an astonishing 5,153% growth, reaching $27. The highest target mentioned in his analysis is $200K for Bitcoin. If this level is achieved, representing a 200% increase from its current level, Egrag expects XRP to trade at $34, marking an incredible 6,515% increase from its current price.
It is important to note that this content 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, and The Crypto Basic is not liable for any financial losses that may occur.