XRP holders might have to deal with more price drops of the crypto token if we are to believe this crypto analyst’s recent analysis. This bearish analysis comes in the middle some other predictions That has bullish stories painted for the crypto token.
XRP could drop to $0.34
Crypto analyst Ali Martinez highlighted how a possible XRP sell-off could cause a price drop to $0.34. As part of his analysis, he stated that XRP is currently “struggling” to maintain its position in the market crucial support level at $0.55. The inability of the token to maintain that level will lead to the sell-off scenario.
Source: X
Indeed, the accompanying chart that Martinez shared showed that XRP was struggling to stay above the $0.55 level. A potential drop to $0.34 will see the crypto token drop to a price level it has not come close to since April 2023. Crypto analyst Egrag Crypto Also noted how crucial the $0.55 level was, labeling it as “significant support for XRP.”
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However, he had shown optimism that a price drop would not be as bad as Martinez suggested, saying he did not see the consequences. weekly candle close below the $0.50 level. Instead of anticipating a price drop, the analyst noted that he chose to do so focus on the bigger picture.
What the bigger picture is
According to Egrag Crypto, XRP will rise in less than $5 About 90 days from now. The analyst still alluded to this prediction in a more recent article X message. While laying out three possible scenarios for the price of XRP, he stated that the market makers “could engineer an independent surge” that could push
Eggag had that too mentioned before that the altcoin could rise to $27. He believes this price level is achievable, based on the fact that XRP in 2017 with 61,000% in 280 days. He emphasized this again in his latest post, noting that a 50% drop remains a “plausible scenario” as XRP looks to replicate that 2017 percentage move.
While a significant price drop remains a huge possibility, Egrag believes it also represents a “buying opportunity for generations.” The analyst has continued to urge XRP holders to remain patient, especially if they hope to make the most profit from their XRP holdings, with Egrag analyze it how the token will rise to $2,500 in 2029.
In the meantime, those invested in the token will be hoping that Martinez’s prediction doesn’t come true as XRP has already fallen below $0.55. At the time of writing, XRP is trading at $0.54, down over 3% in the past 24 hours. facts from CoinMarketCap.
Token price at $0.54 | Source: XRPUSD on Tradingview.com
Featured image from NameCoinNews, chart from Tradingview.com
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