Citing historical trends, a prominent expert suggests that the XRP price may plummet to $1.4 and sees it as a potential purchasing opportunity.
The XRP price has remained negative, indicating investors are cautious about the token. Despite the positive market developments, the token’s stagnant price action has left many market participants uncertain. Amidst this, a renowned market expert, citing historical trends, predicted that Ripple’s native crypto could experience a decline to $1.4.
The price of XRP is at risk of declining to $1.4
The price of XRP has remained stagnant for the past few days, which has prompted market apprehension. The token has been unable to acquire momentum, which indicates investors’ cautious stance despite a flurry of positive developments, including the XRP ETF’s increasing popularity.
Amid this, a prominent market expert anticipates that Ripple’s native crypto may undergo a substantial correction to historical price fluctuations. XRP experienced a 230% increase in July 2023, followed by two significant corrections of 54.65% and 59.73%, as noted by EGRAG CRYPTO in a recent X post.
He suggests a 54.65% decline in Ripple’s native crypto could propel it to $1.54 by applying the same pattern to the current price cycle. Concurrently, the price could reach $1.37 if the collapse worsens to the 59.73% decline.
In the interim, the expert observed that these levels are similar to previous purchasing opportunities when XRP traded at $0.54 and $0.37. Nevertheless, he encouraged investors to closely monitor the price, positing that these crashes could be “exceptional buying opportunities.” In other words, he regards the potential collapse as a buy-the-dip opportunity for investors despite the bleak forecast.
Key Support Levels to Monitor
Although EGRAG CRYPTO suggests that a potential collapse is imminent, an additional expert has expressed a bullish perspective, emphasizing the importance of key support levels for the XRP price. Dark Defender recently identified a critical Fibonacci level of $2.4467 in a recent X post, which implies that XRP may be on the brink of a reversal.
According to him, the Relative Strength Index (RSI) on the daily chart suggests that the market is oversold, indicating a rebound may be imminent. Additionally, he observed that $2.33 continues to serve as a practical support level for XRP.
What is the future of the XRP price?
The XRP price has decreased by 2% in the past day and is currently trading at $2.43. However, its one-day volume has increased by 40% to $5.49 billion. It is important to note that the token has experienced a 24-hour peak and low of $2.49 and $2.32, respectively. Additionally, the current RSI of the token was 39, suggesting that the cryptocurrency is on the brink of an oversold condition.
Nevertheless, the positive market developments have led to a prevailing optimism among experts. For example, the XRP ETF potential is gaining momentum as several participants pursue the launch of the investment instrument.
Additionally, a prominent attorney recently suggested that XRP may be incorporated into the US Strategic Reserve asset once it reaches the $5 threshold. In addition to the ongoing discussions, numerous experts have expressed optimistic perspectives, suggesting that there may be a forthcoming increase in the price of XRP.
However, market sentiments are still optimistic despite XRP being on the brink of a collapse to $1.4. Additionally, investors would have greater flexibility to participate at a lower price point due to the forthcoming correction.
