XRP price is at risk of falling to $2; however, analysts are optimistic about the long-term potential of Ripple’s native crypto.
Amid a broader crypto market collapse, the price of XRP plummeted by over 10% today, briefly falling below $3. Amidst this, a flurry of market observers anticipate that Ripple’s native crypto may decline to $2, particularly in light of the escalating tensions between the XRP community and Bitcoin maxis. Nevertheless, a flurry of experts remained optimistic about the long-term trajectory of the crypto despite the dismal forecast, thereby spurring market optimism.
The price of XRP is at risk of declining to $2
The XRP price has experienced a significant decline of over 10% today, indicating that it has gained considerable momentum. Furthermore, a plethora of experts have predicted that the cryptocurrency may experience a subsequent decline to $2, which has only served to intensify market speculation.
In a recent analysis, EGRAG CRYPTO, a leading market expert, identified critical XRP price support zones. He believes that XRP may retrace to $2, referring to it as an “Equilibrium” level. Nevertheless, despite the forecast, the expert maintained a positive outlook on the coin’s long-term trajectory.
EGRAG CRYPTO observed that Ripple’s native crypto is expected to reach the $2.9 threshold after a significant correction, subsequently rising to $3.3. Additionally, upon surpassing the $3.3 threshold, XRP will proceed to the abrupt $5 level. This indicates the expert’s continued optimism regarding Ripple’s native cryptocurrency.
Experts believe the trajectory of XRP remains optimistic
Today, the price of XRP was $2.81, a 10.3% decrease, and its trading volume increased by 225% to $10.25 billion. Nevertheless, the cryptocurrency’s Relative Strength Index (RSI) is currently at 50, indicating a neutral market sentiment. It is noticeable that the speculators are exercising caution concerning digital assets in anticipation of the Federal Reserve’s interest rate decision later this week.
Concurrently, despite the recent decline, most expert analysts maintained their optimism regarding the coin’s future trajectory. For context, Ben Armstrong, also known as The BitBoy, a prominent crypto figure and influencer, recently emphasized the recent decline in the price of XRP.
According to BitBoy, “XRP has never sustained these prices before,” as it has maintained a price above $3 for the past few weeks. In addition, he viewed the recent decline as a purchasing opportunity for investors at a reduced price, emphasizing the $3 level as a new support for the cryptocurrency.
The War Between Ripple and Bitcoin is the Point of Focus
The recent decrease in the price of XRP has occurred in the context of increasing tensions between Ripple and Bitcoin maxis. Donald Trump’s recent suggestion of a US Crypto Reserve instead of a Bitcoin Strategic Reserve has sparked speculation regarding the possibility of a US XRP Reserve.
Ripple, CEO Brad Garlinghouse, and the broader XRP community were the targets of the Bitcoin maxis shortly after the allegations began to circulate in the market. It is worth noting that Bill Morgan, a lawyer who advocates for XRP, recently identified it as a potential explanation for the stagnant performance of both BTC and XRP. Bill Morgan stated in a recent X post:
“The price of XRP and bitcoin has barely fluctuated during the three-day period in which Bitcoin Maxis and the XRP army have engaged in a vigorous battle.”
Nevertheless, it is essential to acknowledge that the most recent correction occurred in the context of a broader crypto market collapse, which resulted in the loss of gains from BTC and other prominent altcoins.
A substantial increase in the price of XRP is imminent
A renowned market expert, Ali Martinez, has warned that XRP’s price is on the brink of a substantial shift amidst these bullish predictions. As per Martinez’s analysis, the Bollinger Bands on XRP’s daily chart are compressing, suggesting a potential price increase or decrease.
This development implies that investors should anticipate a significant price change shortly. The crypto community is eagerly anticipating the outcome of Martinez’s prediction.
However, the current focus is on the price fluctuations of XRP, with many individuals anticipating a potential breakout shortly. Furthermore, the market participants are closely monitoring the ongoing developments in the XRP litigation, which have the potential to impact Ripple’s native crypto in the future substantially.