XRP price has moved towards the south in the early US hours today, indicating the waning risk-bet appetite of the investors. However, it appears that the market experts remained optimistic over a potential recovery in the Ripple’s native asset’s price ahead. Despite that, renowned market pundit CasiTrades has spared speculations with recent hints towards a possible crash to $1.7 ahead.
XRP Price Slips 4%: More Decline On The Horizon?
XRP price has declined nearly 4% today and traded near the $2.2 zone, while its one-day trading volume also plummeted 29% to $6.86 billion. Besides, the Relative Strength Index of the token also neared an oversold condition, reflecting the massive selling pressure in the market.
Notably, the decline also suggests that large investors or Ripple whales are losing confidence in the asset. For context, the Ripple whales have dumped over 370 million coins recently, which has further added pressure to the already gloomy market sentiment. Furthermore, CoinGlass data also highlighted a similar trend of declining Futures Open Interest of the asset by about 2%.
So, what lies ahead? Is the crypto poised to lose the $2 support ahead? Let’s see the possibilities and the key levels to watch ahead.
Ripple (XRP) Price To Dip Below $2?
In a recent X post, top crypto expert CasiTrades issued a warning that XRP’s ongoing correction may be nearing its final stages, with a potential price crash to the $1.97 area. However, a user countered with a more bearish prediction, suggesting a possible drop to $1.75, citing a Head and Shoulders pattern.
CasiTrades acknowledged the possibility but noted that their “subwave analysis” does not project a drop that low. The expert emphasized that higher timeframes are showing bullish divergence, indicating that this correction could be the final low before a reversal.
Meanwhile, the prediction comes as Bitcoin tests its .382 Fib support, which aligns with XRP’s cycle nearing completion. If Bitcoin finds support and starts a relief rally, XRP is expected to follow. However, the potential for a steeper drop to $1.75 cannot be ruled out, leaving investors on high alert. Besides, this also resonates with a prior projection, where the experts have warned over a potential Ripple price correction to $1.6.
Key Levels To Watch Ahead
Echoing a similar sentiment, another expert EGRAG CRYPTO said that XRP price needs to hold above the $2.35 support to re-enter the bull run cycle. If the crypto holds this support, it could potentially target the $3 mark next.
However, the expert also warned that closing below $2.2 could worsen the risk of a further dip for Ripple’s native asset. In his analysis, he also highlighted the $1.7 mark if the Bears continue to dominate. But what if XRP price reclaims the $3 mark ahead?
What Investors Should Focus on If Bull Cycle Returns?
EGRAG CRYPTO noted that if the crypto holds strong above the $2.35 mark, it could potentially hit the $3.4 mark ahead. On the other hand, another market pundit Dark Defender said that as the RSI is nearing the oversold area, a bullish momentum might be generated in the market.
Considering that, he suggested that the first wave will push the XRP price to $3. Once this target is achieved, the crypto will potentially target the $5 and $8 marks next.
The analyst also highlighted $1.88 and $1.91 as key support levels for the token. Simultaneously, he noted that $2.44, $2.99, and $5.85 will act as key resistance levels for the asset in the near future.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: