Renowned cryptocurrency expert, Egrag Crypto, has issued a cautionary prediction for the embattled digital currency XRP, suggesting a potential short-term decline to as low as $0.31. Despite this worrying forecast, Egrag Crypto remains optimistic about the future, assuring the XRP community that the grand scheme is still intact.
Understanding the Descending Channel Pattern
Egrag Crypto believes that XRP might be caught in a bearish descending channel pattern, characterized by a series of lower highs and lower lows. The expert identifies breakout points at $0.55 on the upside and $0.313 on the downside. However, even in light of this bearish outlook, Egrag Crypto remains confident, stating that XRP is “programmed to pump” and that an upward trend is imminent.
Related: XRP Price Prediction 2023, 2024, and 2030: Here’s What Analyst Predicts – Coinpedia Fintech News
The Importance of Dollar-Cost Averaging (DCA)
In order to weather the storm, Egrag Crypto encourages XRP supporters to stay steady and employ dollar-cost averaging (DCA), a popular investment strategy. The expert asserts that in the future, they will look back and wish they had accumulated more of this digital asset.
Market Activity and Sentiment Analysis
As of the time of writing, XRP is trading at $0.42, registering a 17.20% increase in trading volume, amounting to $1,338,555,131 in the last 24 hours. This recent uptick in market activity is notable, even though the coin remains in the red. Interestingly, data from CoinGecko reveals that sentiment surrounding XRP is currently 70% bullish.
Reassurance for the XRPArmy
Despite the challenging short-term predictions, Egrag Crypto emphasizes that the overall long-term plan for XRP remains intact. This reassurance serves as a beacon of hope for the XRPArmy, who have been witnessing the coin’s struggles amidst ongoing legal battles with the U.S. Securities and Exchange Commission (SEC).
Also Read: When Will Ripple Vs SEC Lawsuit End? Top XRP Lawyer Gives The TimeLine – Coinpedia Fintech News