XRP price recently dropped to $2.2, and experts are optimistic about the long-term trajectory of Ripple’s native crypto, expected to reach $3.
Recently, the price of XRP has decreased to $2.2 due to a selloff observed in the broader market. Investors are exhibiting a cautious approach in response to the recent pressure, which has sparked speculation about the potential for a further decline in the cryptocurrency market. Nevertheless, a prominent expert has sparked speculation by emphasizing the critical support levels for Ripple’s native crypto shortly.
The recent decrease in the price of XRP has sparked speculation in the market
The recent crypto market crash has sparked market discussions, particularly in light of today’s significant decline in the price of XRP. It is worth noting that Ripple’s native crypto has been one of the top-performing altcoins in the past few days, as market optimism has increased due to the RLUSD launch, XRP ETF anticipation, and other positive market trends.
Moreover, the crypto issued by US firms has experienced substantial growth in response to Donald Trump’s endorsement of the digital asset sector. Nevertheless, the recent decline in XRP has sparked discussions among investors, with many attempting to determine the potential future trajectory of the cryptocurrency.
Nevertheless, despite the dip, market analysts maintained their optimism regarding the asset in light of the positive developments in the Ripple market. For context, BitBoy, a prominent figure in the market, recently praised Ripple’s stablecoin launch and stated that “RLUSD will drive billions of dollars in liquidity through XRP Ledger.”
He elaborated on the significance of RLUSD for Ripple’s native crypto in a separate post. At the same time, he observed that “liquidity is king” in the digital asset space and that “Stablecoins are the backbone” of the crypto market. Given this, the RLUSD will likely increase liquidity, potentially stimulating the XRP price in the future.
Key Levels to Monitor for Ripple’s Native Cryptocurrency
Today, the price of XRP decreased by approximately 4% to $2.28 at the time of writing, while its trading volume decreased by 7% to $21 billion. Intense selling pressure in the market is evident in the fact that the crypto has reached a low of $2.17 in the past 24 hours. Additionally, the recent decline of 11% in XRP Futures Open Interest, as indicated by CoinGlass data, means the pessimistic atmosphere that has permeated the market.
In this context, prominent analysts have disclosed critical levels for XRP to monitor in the future. The key support level for XRP is $2.3, according to a recent X post by EGRAG Crypto. After this threshold is breached, the cryptocurrency will target $2.62 and $3.28 in its subsequent run.
Another prominent expert, Dark Defender, expressed a similar sentiment, stating that XRP could decline to as low as $2.17. He observed that the cryptocurrency would continue fluctuating between $2.17 and $2.18 before experiencing another upward trend. Nevertheless, despite the short-term apprehension, he maintained his optimism regarding XRP’s future ascent to the $3 level.
Nevertheless, it is essential to mention that Ali Martinez, another market expert, has foreseen potential volatility shortly. In a recent X post, Martinez stated that “short positions” worth $20.5 million will be liquidated once XRP reaches $2.62.
