The past months have not been kind to Ripple’s cross-border token, whose price is down roughly 65% on a yearly scale.
One analyst warned that it may soon fall well below the $1 psychological mark, while many others remain optimistic that a major rebound is coming next.
Going Further Down?
As of press time, XRP trades at around $1.08, which translates into a 4% weekly loss. According to X user Hamza, the asset’s recent decline has resulted in a breakdown from a critical symmetrical triangle that could lead to an additional pullback.
The analyst claimed that retail is still “bagholding on hope” while smart money had left and set a target of $0.836. At the same time, they said a potential rise to $1.16 would invalidate the bearish setup.
FOUR | Crypto Spaces also issued a pessimistic forecast, envisioning a plunge to $1.02, while Carl Hawley opined that XRP has shown “extreme weakness” on higher timeframes, making the asset the most oversold since COVID times. Usually, entering such a territory is a precursor to a resurgence, yet the analyst couldn’t predict the exact direction of the upcoming move, saying:
“Capitulation or opportunity? The next few weeks could be decisive.”
The rising number of XRP tokens stored on Binance suggests the bearish perspective is more likely. The figure has reached a nearly three-week high of approximately 2.62 billion coins, signaling that some investors have abandoned self-custody methods and moved their holdings to the exchange. This, in turn, increases the immediate selling pressure.
The Bullish Scenarios
It is important to note that the majority of people making XRP predictions remain optimistic. X user MARMOT recently claimed that the asset is repeating the exact pattern from 2017, which led to a 60,000% explosion. They believe the path to the next bull run involves three different phases, envisioning an eventual ascent to a new all-time high of $13.
Celal Kucuker also chipped in, seeing compression, exhausted sellers, and asymmetric risk. In their view, if XRP breaks above its current structure, those who called for $0.50 may suddenly start calling for $10.
The most bullish forecast came from xrpl_Adam, who suggested that Ripple’s native token may become a $100 trillion asset in the future. As of now, it’s hard to imagine an explosion of that magnitude, given that the entire market capitalization of the crypto sector is around $2.3 trillion.
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Source: https://cryptopotato.com/xrp-warning-why-ripples-price-could-plunge-23/
