XRP Price Forecast: Analyst Predicts Potential Crash Below $2 with Opportunities for Recovery
XRP is forecasted to potentially drop below $2, with predictions indicating a decline to $1.5. A Head and Shoulders pattern suggests bearish trends. However, there remains a chance for rebound if it consolidates above $2. Meanwhile, whales are accumulating large amounts of XRP during market downturns.
A recent XRP price forecast indicates a potential bearish trend for the cryptocurrency, with predictions made by a notable analyst who foresaw the price falling below $2. Currently, XRP trades at approximately $2.2, highlighting a minor increase of 3% in the last 24 hours, according to CoinMarketCap.
The analyst, known as MMBTrader, anticipates that XRP may decline to around $1.5. This prediction is reinforced by the asset’s recent performance and market trends that lack supportive bullish drivers. MMBTrader’s technical chart analysis reveals a Head and Shoulders pattern on the daily chart, suggesting a possible price reversal.
Should XRP breach the $1.95 neckline of this pattern, it would likely confirm a bearish trend. A further collapse below this support could result in a drastic drop of up to 50%, potentially lowering XRP’s value to $1.5 or even $1.2. Conversely, if it maintains the $2 support without further declines, a rebound to higher price levels may occur.
In a contrasting scenario, the analyst also notes the potential for a significant rally toward $5, contingent upon holding the $1.5 support. If this level is sustained, XRP may witness a recovery, potentially reaching between $4 and $4.5.
Simultaneously, despite enduring market instability, XRP’s whales are actively purchasing significant quantities of the token. An XRP whale recently executed a considerable transaction, acquiring over 167 million XRP, valued at $368.4 million. This acquisition occurred amidst market volatility and declining prices, closely following broader bearish trends affecting major cryptocurrencies like Bitcoin and Ethereum. CoinMarketCap indicates that XRP’s price has decreased by 11.6% over the past week, amidst widespread liquidations in the crypto sector.
In summary, MMBTrader’s analysis predicts a possible downturn for XRP below $2, with potential further declines to $1.5 if supportive levels fail. Alternatively, should XRP consolidate near $2, a rebound and possible price rally up to $5 could occur. Amid these fluctuations, whale activity demonstrates continued interest in the cryptocurrency, despite the ongoing market challenges.
Original Source: www.tradingview.com
Post Comment