Home CryptocurrencyAnalysis Crypto Analyst Predicts Massive XRP Drop to $0.34

Crypto Analyst Predicts Massive XRP Drop to $0.34

by SuperiorInvest

XRP Holders you may have to deal with more price drops of the crypto token if this crypto analyst’s recent analysis is anything to go by. This bearish analysis comes amidst various other predictions that has painted bullish narratives for the crypto token.

XRP could fall to as low as $0.34

Cryptographic analyst Ali Martínez He highlighted how a possible XRP sell-off could cause the price to drop to $0.34. As part of his analysis, he stated that XRP was currently “struggling” to maintain its position in the crucial support level of $0.55. The fact that the token does not maintain that level will be what will lead to the liquidation scenario.

Source: X

In the attached chart that Martinez shared, it was evident that XRP was struggling to stay above the $0.55 level. A possible drop to $0.34 will see the crypto token fall to a price level it has not approached since around April 2023. Crypto Analyst Egrag Crypto also noted how critical the $0.55 level was, labeling it as “significant support for XRP.”

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However, he had expressed optimism that any price drop was not going to be as bad as Martínez suggested when he said he did not see the weekly candle closing below the $0.50 level. In fact, rather than anticipating any price drop, the analyst commented that he was opting to focus on the bigger picture.

What is the big picture?

According to Egrag Crypto, XRP will rise to $5 in less than within 90 days. The analyst further alluded to this prediction in a more recent article. x publication. Laying out three possible scenarios for the price of XRP, he stated that market makers can “engineer an independent surge” that could push XRP to this price level.

Egrag also had previously mentioned that the altcoin could rise to $27. He believes this price level is achievable based on the fact that XRP, back in 2017, rose 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 attempts to replicate that 2017 percentage move.

While a significant price drop remains a strong possibility, Egrag believes it also represents a “generational buying opportunity.” The analyst has continued to urge XRP holders to be patient, especially if they hope to get the maximum benefit from their XRP holdings, with Egrag. once analyzing how the token will rise to $2500 by 2029.

Meanwhile, those invested in the token will hope that Martinez’s prediction does not come true, as XRP has already fallen below $0.55. At the time of writing, XRP is trading at $0.54, down more than 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 NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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