XRP Analyst Sticks to Long-Term Bullish Outlook Despite Current Downturn
Ripple's native token XRP has struggled to regain its momentum after dipping to $1.02 on Friday, but one analyst remains optimistic about its long-term prospects.
EGRAG CRYPTO believes that XRP is approaching 'The Chasm,' a crucial phase where patient investors are rewarded while short-term traders face losses.
The analyst points out that XRP's 100-week exponential moving average (EMA) has historically acted as major support in previous bear market cycles, and he expects the token to stabilize between $0.95 and $1.00 before the next leg up.
Despite acknowledging the possibility of another price drop, EGRAG remains confident that XRP won't dip below $0.80, which is the lower boundary of its long-term ascending channel.
The analyst's long-term roadmap for XRP includes ambitious targets such as $15 and $50, but he emphasizes that investors should focus on holding onto their positions rather than trying to time the bottom perfectly.