Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump


In
a
stark
contrast
to
the
performance
of
the
broader
crypto
market,
XRP
continues
to
face
significant
challenges,
according
to
statements
from
pro-XRP
lawyer
Bill
Morgan.
Despite
a
discouraging
decline
in
the
value
of
the
crypto
asset
relative
to
Bitcoin
(BTC)
and
88%
of
the
top
100
cryptocurrencies,
Morgan
maintains
a
bullish
outlook
on
the
asset.

In
a

post
on
X,
Morgan
outlined
the
struggles
XRP
has
faced,
particularly
over
the
last
year—a
period
that
brought
legal
clarity
and
was
expected
to
boost
investor
confidence
in
XRP.
Morgan
noted,
“There
were
some
who
told
us
last
month
that
XRP
price
had
turned
the
corner
in
its
steady
decline
against
the
BTC
price.
It
has
not
and
the
decline
over
the
last
6
months
has
been
nearly
-84%.”

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This
decline
has
positioned
XRP
as
one
of
the

underperforming
cryptocurrencies,
being
outshone
by
88%
of
the
top
100
coins
in
market
performance.
Morgan
shared
critical
data
to
underscore
the
gravity
of
the
situation,
citing
that
the
XRP
to
BTC
exchange
rate
stands
at
0.000007383
BTC,
reflecting
a
dramatic
decrease
of
-83.93%
over
the
past
six
months.


Related
Reading

Additionally,
he
pointed
out
that
the
cryptocurrency
is
trading
below
its
200-day
simple
moving
average,
a
typical
indicator
of
long-term
market
trends.
Despite
these
bleak
indicators,
Morgan
remains
undeterred.

When
asked
about
his
steadfast
belief
in
XRP,
Morgan
responded
metaphorically,
comparing
his
faith
in
the
digital
currency
to
a
nearly
completed
bridge
that
“can’t
carry
traffic
until
it’s
fully
built.”
This
statement
suggests
his
view
that
digital
asset’s
potential
will
be
fully
realized
only
once
the
XRP
Ledger
is
fully
developed
and
the
ongoing
legal

battle
with
the
US
Securities
and
Exchange
Commission
(SEC)
is
completely
settled.

XRP
Price
Could
Rally
To
$0.75
In
July

One
of
the
crypto
analysts
who
is
still
extremely
bullish
on
XRP
is
Egrag
Crypto.
In
his
latest

analysis
on
X,
he
pointed
out
that
the
monthly
candle
formation
is
showing
a
highly
promising
pattern,
indicating
a
significant
price
surge
in
the
near
future.

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Related
Reading

Egrag
noted
that
the
previous
month’s
candle
displayed
a
75%
Inverted
Hammer
Formation
at
its
base.
In
technical
analysis,
this
pattern
is
considered
a
strong

bullish
signal,
suggesting
that
sellers
are
exhausted
and
buyers
are
gaining
strength,
paving
the
way
for
a
potential
upward
price
movement.
Egrag’s
analysis
emphasizes
this
formation
as
a
key
indicator
that
XRP
is
set
for
a
notable
price
increase.

Price
analysis,
1-month
chart
|
@egragcrypto

Building
on
the
bullish
candle
formation,
the
analyst
predicts
that
the
cryptocurrency
could
soon
reach
the
$0.75
mark,
with
July
2024
being
a
crucial
month.
He
confidently
states
the
formation
“is
an
amazing
sign
that
$0.75
is
coming
in
no
time,
and
July
2024
is
going
to
be
the
month
of
fireworks!”

Addressing
the
community,
Egrag
encouraged
patience
and
optimism,
using
the
metaphor
of
“THOR’S
HAMMER”
smashing
through
all
resistance
to
describe
the
anticipated
market
movement.
At
press
time,
XRP
traded
at
$0.5286,
marking
a
0.65%
decrease
over
the
past
24
hours.

FreeBitcoin Banner  
XRP
price
remains
below
the
200-day
EMA,
1-day
chart
|
Source:

XRPUSD
on
TradingView.com

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons


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