Market commentator EGRAG believes that if XRP follows Tesla’s price direction from 2018 to 2023, the price of XRP could skyrocket 1,667%.
A recent analysis has found similarities between Tesla’s (TSLA) historical price movements and XRP’s current performance, suggesting that the ongoing correction could be followed by a major rally.
Interestingly, this market comment comes from analyst EGRAG, who believes that XRP could mimic Tesla’s path and potentially reach a price of $41 within the next 91 days.
Tesla’s historic rally
Market data confirms that Tesla experienced a massive price drop in December 2018 after CEO Elon Musk appeared on CBS’ “60 Minutes.” During a correction period, the stock fell to $12 but later recovered remarkably.
In the next 912 days Tesla experienced an impressive upswing. After reclaiming the previous high of $24, Tesla rose to resistance at $58 in April 2020. It immediately surpassed this level and peaked at $170 at the end of 2020 Then the ultimate high of $410 in November 2021.
XRP could follow a similar path
EGRAG noted similar circumstances in the XRP market. He mentioned the CEO of Ripple Brad Garlinghouse’s appearance in December 2024 on the same program and a subsequent price reduction.
While the chart suggests that XRP’s decline could continue in the short term, EGRAG believes this reflects Tesla’s early struggles before its explosive rally. As of todayAfter a 1.97% increase, XRP is trading at $2.22, still well below its December 3 high of $2.90.
This decline, accelerated by hawkish comments from the Federal Reserve, leaves XRP about 20% below its recent value…
