Analyst Maintains $7.50 XRP Price Target Amid SEC Appeal

This article is also available in Spanish.

On Wednesday, the U.S. Securities and Exchange Commission (SEC) officially prolonged its lawsuit against Ripple by submitting a Notice of Appeal concerning Judge Torres’s decision. In the wake of this announcement, the value of XRP dropped by over 10%. Nevertheless, crypto analyst Egrag Crypto (@egragcrypto) asserts that the bullish outlook remains intact, with a target of $7.50 still anticipated for this bull run.

Why $7.50 Remains Attainable for XRP Price

Egrag’s study, shared on X, highlights the strength of the XRP pricing structure despite external challenges. He commented, “I understand the SEC’s appeal might seem catastrophic, but the chart has been indicating a retest was imminent! My post from yesterday was spot on. I explicitly stated: ‘I know you’re weary of hearing ‘retest, retest,’ but PAY ATTENTION: the range of $0.5428 – $0.5375 is STILL relevant!’”

With his technical analysis, Egrag reassures investors that fundamental trading strategies should not be influenced by the legal commotion. He identifies two key trend lines he refers to as the “Atlas Line” and the “Genuine Wake-Up Line.”

XRP price analysis, 1-day chart | Source: X @egragcrypto

Both trend lines have influenced XRP’s price for over four years. The “Atlas Line” acts as a foundation for the support level during the bull run, indicating that as long as the price remains above this level, the bullish perspective is still valid. The “Genuine Wake-Up Line” must be surpassed to enter bullish territory.

Nonetheless, Egrag recognizes that the price may fluctuate below or above these trend lines. “From a technical analysis standpoint, the strategy is STILL solid. On a MACRO LEVEL, as long as XRP holds above $0.28, there’s no cause for concern. And until XRP closes above $0.75, expect no significant BULLRUN. We could still drop to $0.43, but nothing has shifted on a MACRO LEVEL,” Egrag explains.

The analyst remains resolute, even in turbulent times, expressing, “So, what’s the next step? NOTHING has changed: XRP IS STILL NOT A SECURITY.” He continues to question the dominant market responses and urges looking beyond short-term fluctuations, stressing the significance of technical metrics over market emotions driven by regulatory developments.

His anticipated “Critical Target Level” set at $7.50 demonstrates a strong belief in the potential upward movement for the cryptocurrency, regardless of the prevailing market challenges. This projection is significantly higher than current price levels, requiring a rise of over 1,300%.

Engaging the community and skeptics, Egrag notes, “Everything else in between? Just noise. And yes, this noise might be unsettling to newcomers, but seasoned investors know it’s merely more time to accumulate. Frankly, I’m GLAD about this appeal: Why? Because it provides my other holdings the opportunity to rise, and when that occurs, I will invest 100% of those gains into XRP.”

At the time of this writing, XRP was trading at $0.5238.