A well-known market analyst points out that XRP may follow the same trajectory as Tesla before its spectacular price rise. According to analyst EGRAG Crypto, XRP could see a sharp drop of 50%, after which an impressive rally of as much as 3,500% could take place.
Tesla’s example: from trough to peak
EGRAG compares the possible price movements of XRP with those of Tesla in 2018. At the time, Tesla was under heavy pressure. During an interview in December 2018, CEO Elon Musk described that year as “painful” due to the challenges surrounding the launch of the Tesla Model 3.
Shortly after the interview, Tesla’s share price plummeted from $25.16 on December 13, 2018 to a low of $11.80 in June 2019, a drop of more than 50%. But then recovery followed: Tesla reached $25 again in December 2019 and rose to $414.50 in November 2021, a spectacular increase of 3,412% within 2.5 years.
XRP: A Similar Path?
According to EGRAG Crypto, XRP may be on its way to a similar scenario. Ripple CEO Brad Garlinghouse recently appeared on the American talk show 60 Minutes to talk about the lawsuit with the SEC and the role of crypto in the US elections.
Since the interview on December 8, XRP has fallen from $2.61 to a low of $1.96, a drop of 25%. Although XRP has now recovered somewhat and is trading around $2.15, EGRAG expects the downward trend to continue. He predicts a further decline of 50%, which could bring XRP to a value of $1.30.
An explosive future?
Just like with Tesla, EGRAG sees this sharp decline as a stepping stone to a huge rally. If XRP achieves a similar 3,412% increase, the coin could rise to $45.60 by November 2027.
“If Tesla can do this, why not XRP?” EGRAG wonders. Despite the comparisons, he points out that the algorithms of both assets differ and that XRP is currently 21% lower than a week ago.
The future for XRP remains uncertain, but if these predictions come true, the coin could make one of the most impressive comebacks in the crypto world.
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