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Analyst Identifies Timeline for XRP to Hit $41, Citing Tesla Path with a Factor of 10
Analyst Identifies Timeline for XRP to Hit $41, Citing Tesla Path with a Factor of 10
December 22, 2024
XRP
Market commentator EGRAG believes if XRP follows Tesla’s price direction from 2018 to 2023, its price could skyrocket 1,667%.
A recent analysis has identified similarities between Tesla’s (TSLA) historical price movements and XRP’s current trajectory, suggesting a major rally could follow its ongoing correction.
Interestingly, this market commentary comes from analyst EGRAG, who believes XRP could mimic Tesla’s path, potentially reaching a price of $41 within the next 91 days.
Tesla’s Historical Rally
Market data confirms that in December 2018, Tesla saw a massive price drop after CEO Elon Musk appeared on the CBS program “60 Minutes.” The stock fell to $12 during a corrective phase but later staged a remarkable recovery.
Over the next 912 days, Tesla witnessed an impressive rebound. After reclaiming the previous high of $24, Tesla soared to hit a resistance level of $58 in April 2020. It immediately surpassed this level, claiming a top of $170 by late 2020 and then the ultimate peak of $410 in November 2021.
XRP Could Follow a Similar Path
EGRAG identified similar circumstances in XRP’s market. He noted Ripple CEO Brad Garlinghouse’s December 2024 appearance on the same program and a subsequent price drop.
While the chart suggests XRP’s decline may continue in the short term, EGRAG believes it mirrors Tesla’s early struggles before its explosive rally. As of today, XRP trades at $2.22 after a 1.97% gain, still far below its December 3 peak of $2.90.
XRP and Tesla 1M Charts | EGRAG Crypto
This decline, accelerated by hawkish comments from the Federal Reserve, places XRP roughly 20% below its recent highs. The chart analysis also highlights a critical support level at $2.1244, which could play a pivotal role in XRP’s recovery.
Meanwhile, EGRAG anticipates a steeper correction, with prices potentially dropping to $1.20 before a rebound. Despite these bearish movements, the analyst remains optimistic about a massive rally following this phase.
According to his projection, following the projected drop to $1.20, XRP could reclaim the $2.4 mark and then soar to $5.6, a new all-time high. Beyond this level, EGRAG expects an XRP rally to $17 before eventually claiming the ultimate $41 target in 91 days.
EGRAG justified the 10X factor by stating that crypto moves faster than stocks, reducing Tesla’s 912-day rally to 91 days for XRP. With XRP currently trading for $2.32, a rally to $41 would demand a massive 1,667% upsurge.
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