XRP holders may have to deal with more price declines from the crypto token if this crypto analyst’s recent analysis is anything to go by. This bearish analysis comes amidst several other predictions that have painted bullish narratives for the crypto token.
XRP Could Drop To As Low As $0.34
Crypto analyst Ali Martinez highlighted how a possible XRP sell-off could trigger a price decline to $0.34. As part of his analysis, he stated that XRP was currently “grappling” to maintain its footing at the crucial $0.55 support level. The token’s failure to hold that level will be what leads to the sell-off scenario.
From the accompanying chart that Martinez shared, it was indeed evident that XRP was struggling to hold above the $0.55 level. A potential drop to $0.34 will see the crypto token drop to a price level that it hasn’t come close to since around April 2023. Crypto analyst Egrag Crypto also noted how critical the $0.55 level was, labeling it as a “significant support for XRP.”
However, he had shown optimism that any price drop wasn’t going to be as bad as Martinez suggested by stating that he didn’t see the weekly candle closing below the $0.50 level. In fact, instead of anticipating any price decline, the analyst remarked that he was choosing to focus on the bigger picture.
What The Bigger Picture Is
According to Egrag Crypto, XRP is going to rise to $5 in less than 90 days from now. The analyst still alluded to this prediction in a more recent X post. While laying out three possible scenarios for XRP’s price, he stated that the market makers may “engineer an independent surge” that could propel XRP to this price level.
Egrag had also previously mentioned that the altcoin could rise to as high as $27. He believes this price level is attainable based on the fact that XRP, back in 2017, surged by 61,000% in 280 days. This was something he emphasized once again in his latest post, noting that a 50% drop remains a “plausible scenario” as XRP tries to replicate that percentage move from 2017.
While a significant price drop remains a huge possibility, Egrag believes that it also represents a “generational buying opportunity.” The analyst has continued to urge XRP holders to remain patient, especially if they hope to make the most gains from their XRP holdings, with Egrag once analyzing how the token will rise to $2,500 by 2029.
In the meantime, those invested in the token will hope that Martinez’ prediction doesn’t come true, seeing that XRP has already dropped below $0.55. At the time of writing, XRP is trading at $0.54, down by over 3% in the last 24 hours, according to data from CoinMarketCap.
Token price at $0.54 | Source: XRPUSD on Tradingview.com
Featured image from NameCoinNews, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.