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- In a comparison of XRP with Tesla, crypto analyst EGRAG Crypto makes conservative predictions for the Ripple cryptocurrency at $16.1 (10x) or $32 (20x) during this cycle.
- XRP’s chart shows a strong double-bottom pattern, with a decisive close above $2.30 on the 3-day chart.
Popular crypto analyst EGRAG Crypto noted that Ripple cryptocurrency XRP could experience a Tesla-like mega rally with probable gains of 10x, 20x, and even 30x. Commenting on XRP’s 50% drop from the peak, the analyst draws a comparison with Tesla stock’s 50% fall during 2018.
The crypto analyst noted that back in December 2018, Tesla CEO Elon Musk appeared on the 60 Minutes show, following which, the TSLA stock faced nearly a 50% decline, dropping all the way from $25.16 to approximately $12 by mid-2019.
The stock took six months to bottom out and another six months to recover its losses. By May 2019, TSLA began an extraordinary rally that would last 700 days, culminating in a meteoric 3,500% surge. Over this period, Tesla climbed from $12 to an all-time high of $420, in a mega rally while unlocking the firm’s long-term potential.
Will XRP Follow the Footsteps of Tesla?
EGRAG predicts XRP could follow Tesla’s trajectory, suggesting a potential rally of up to 30x from its April low, reaching $48.3. A more conservative growth of 10x or 20x would still yield new highs at $16.1 or $32, respectively. In a message on the X platform, EGRAG Crypto wrote:
We already experienced a 50% drop, but many still doubt that XRP will 10x, 20x, 30X or even more in the final leg of the cycle. Stay patient, massive multipliers are coming.
XRP is currently trading at $2.18, rebounding after briefly testing the $2 support level two days ago. The asset has remained largely flat this month, consolidating within a range since March. Analyst EGRAG previously noted that reclaiming the $2.65 level could serve as the ultimate catalyst for a significant price breakout. On the other hand, as the odds of XRP ETF approval rise above 80%, it could serve as an additional catalyst for the rally.
Ripple Crypto Makes A Strong Double Bottom Formation for Bullish Breakout
XRP is poised to confirm a bullish double-bottom pattern, with a decisive close above $2.30 on the 3-day chart signaling strong upward momentum. Analysts highlight that surpassing this level, especially above the 21 EMA, could activate potential targets around $2.65 and $3.00.
The double-bottom structure remains intact as long as XRP avoids three consecutive daily closes below $2, which could indicate a potential breakdown. Critical support lies at $2.07, with bulls needing to defend this level to maintain the bullish momentum. The next few trading sessions are expected to play a crucial role in determining XRP’s trajectory, as highlighted in our previous story.
Later this month, on June 16, marks a key date as both parties need to submit a status update to the US Courts of Appeal for the Second Circuit.
