XRP could face a significant price drop to $1.50, despite its recent recovery from bearish lows, according to a new prediction by a crypto analyst.
The cryptocurrency is approaching a critical resistance level that must hold to avoid erasing recent gains. XRP currently trades at $2.80, well above the identified danger zone.
Key Analysis Points
Bearish Channel Pattern:
- XRP is locked in a descending trend, forming lower highs and lows within a bearish channel.
- A breakdown below $2.00 (psychological barrier) could trigger a 17.62% drop to $1.90. Further decline may push prices toward $1.50, aligning with the channel’s lower boundary.
Resistance and Rejection:
- Daily resistance at $2.60 has shown strong sell pressure.
- Recent chart activity indicates a rejection at the upper boundary of the descending channel.
Contradictory Rally:
- XRP surged 24.5% following its inclusion in Donald Trump’s crypto reserve plan, aimed at boosting national debt strategy and crypto dominance.
- This unexpected rally temporarily offset bearish momentum, lifting prices above $2.50.
FAQs
Q: What’s the worst-case scenario for XRP?
A: A breakdown below $1.90 could lead to a 35% plunge to $1.50, per analyst MadWhale’s descending channel projection.
Q: Why did XRP recently surge?
A: Political endorsement via Trump’s crypto reserve plan fueled short-term bullish sentiment.
Q: Is $1.50 a potential rebound point?
A: Yes—analysts suggest this level may stabilize as bearish pressure subsides, possibly enabling a reversal.
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Conclusion
While XRP’s recent rebound offers hope, its technical structure remains bearish. Traders should monitor key levels ($2.00 support, $2.60 resistance) and broader market trends.
Disclaimer: This content is for educational purposes only and not financial advice. Always conduct independent research.