Ripple’s cross-border token has performed quite poorly over the last week, dropping by more than 7%.
It just dipped below the psychological level of $1.00, and the analysts are split: some see this as a great buying opportunity, while others have declared the asset dead.
A Deeper Plunge Ahead?
Somewhat expected, XRP’s pullback to a 21-month low has infused panic across the community, while the pessimists have become more vocal. X user Crypto Bitlord, for instance, claimed that the asset is “basically dead,” adding that it has no future and “someone needs to fork it.”
The post caused mixed reactions, with some members arguing that XRP still has a bright future ahead, but others agreed with the thesis and envisioned heavy bleeding.
X user Diana also chipped in, projecting a drop to as low as $0.86 should the price decisively break below the $1 mark. On the other hand, they believe a strong reaction around that zone, followed by a reclaim of $1.036, could interrupt the bearish perspective and trigger a relief bounce.
Another crypto commentator who gave their two cents is ChartNerd. The X user opined that XRP must reclaim the $1.02-$1.06 range, or it is likely to head further south.
The Bullish Signals
Recent whale activity and other factors suggest that Ripple’s native cryptocurrency could rebound in the near future. Earlier this week, Ali Martinez revealed that large investors have accumulated over 380 million XRP (worth nearly $400 million at the time) in the span of just seven days.
This development reduces the number of tokens available on the open market and might trigger a price increase (if demand increases or remains constant). Additionally, it may encourage smaller players to follow suit, thus distributing fresh capital into the ecosystem.
Martinez provided another optimistic element, saying that XRP’s TD Sequential indicator (on a monthly scale) has flashed a buy signal. He noted that on previous occasions, such a setup has been a precursor to a triple or even quadruple price surge.
It is worth mentioning that prior to that, the analyst outlined $1.06 as a critical level, predicting a massive collapse to $0.62 if the price slips under it (as it happened).
The post Ripple (XRP) Just Dipped Below $1: Collapse Warning or Hidden Opportunity? appeared first on CryptoPotato.
Source: https://cryptopotato.com/ripple-xrp-just-dipped-below-1-collapse-warning-or-hidden-opportunity/
