Analyst Now Predicts XRP Could Drop By 50% Before A Rally

An analyst now predicts XRP could drop by 50% before a rally of 3,500%, akin to Tesla’s trend.

A well-known market analyst believes that XRP is on a trajectory similar to Tesla’s before its explosive growth.

EGRAG Crypto, a prominent commentator, suggests that XRP may experience a significant decline of around 50% before embarking on a remarkable rally of 3,500%.

EGRAG draws parallels to Tesla’s historical price action, notably during 2018.

In December of that year, CEO Elon Musk described the challenges Tesla faced while launching the Model 3.

Shortly after his appearance on “60 Minutes,” Tesla’s stock fell from a peak of $25.16 on December 13 to a low of $11.8 by June 2019, marking a prolonged bearish trend.

However, Tesla rebounded, recovering to $25 by the end of 2019, and soaring to $414.50 by November 2021—a staggering increase of 3,412% from its previous low.

EGRAG posits that XRP will follow a similar path.

Notably, Ripple CEO Brad Garlinghouse appeared on “60 Minutes” on December 8 to discuss the SEC lawsuit and the evolving regulatory landscape for crypto.

Following the interview, XRP experienced a sharp decline, dropping from $2.61 to a low of $1.96—a 25% decrease.

This was the first time XRP fell below the $2 mark since early December.

Currently, XRP has rebounded slightly to $2.15, but EGRAG warns that further bearish momentum may push the price down to approximately $1.3—a 50% drop from the $2.61 peak.

Should this happen, XRP would still remain above the $1 threshold but below $2.

Despite the anticipated decline, EGRAG is optimistic about XRP’s future, suggesting that this dip could set the stage for a massive rally akin to Tesla’s.

If XRP experiences a similar increase of 3,412% from the potential $1.3 floor, its price could soar to an astonishing $45.6 by November 2027.

EGRAG concludes with a thought-provoking question: “If Tesla did it, why not XRP?”

He acknowledges the correlation in their patterns while noting the significant differences in their market behavior, as XRP has seen a 21% decline over the past week.

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Also Read: XRP’S Drop Now Sparks Optimism

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Frank Nez

Frank Nez is an American journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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