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XRP Warning: Why Ripple’s Price Could Plunge 23%

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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.

XRP Binance Reserves
XRP Binance Reserves, Source: CryptoQuant

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 ierosināts 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.

Amats XRP Warning: Why Ripple’s Price Could Plunge 23% appeared first on CryptoPotato.

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