More Pain To Come: Crypto Analyst Predicts Massive XRP Crash To $0.34
20 January 2024 - 3:00AM
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XRP holders may have to deal with more price declines from the
crypto token if this crypto analyst’s recent analysis is anything
to go by. This bearish analysis comes amidst several other
predictions that have painted bullish narratives for the crypto
token. XRP Could Drop To As Low As $0.34 Crypto analyst Ali
Martinez highlighted how a possible XRP sell-off could trigger a
price decline to $0.34. As part of his analysis, he stated that XRP
was currently “grappling” to maintain its footing at the crucial
$0.55 support level. The token’s failure to hold that level will be
what leads to the sell-off scenario. Source: X From the
accompanying chart that Martinez shared, it was indeed evident that
XRP was struggling to hold above the $0.55 level. A potential drop
to $0.34 will see the crypto token drop to a price level that it
hasn’t come close to since around April 2023. Crypto analyst Egrag
Crypto also noted how critical the $0.55 level was, labeling it as
a “significant support for XRP.” Related Reading: Trillion-Dollar
Franklin Templeton Shares High Praise For Solana, Is A SOL ETF
Coming? However, he had shown optimism that any price drop wasn’t
going to be as bad as Martinez suggested by stating that he didn’t
see the weekly candle closing below the $0.50 level. In fact,
instead of anticipating any price decline, the analyst remarked
that he was choosing to focus on the bigger picture. What The
Bigger Picture Is According to Egrag Crypto, XRP is going to rise
to $5 in less than 90 days from now. The analyst still alluded to
this prediction in a more recent X post. While laying out three
possible scenarios for XRP’s price, he stated that the market
makers may “engineer an independent surge” that could propel XRP to
this price level. Related Reading: Injective On A Roll:
Crypto Analyst Predicts Massive Breakout Against Bitcoin Egrag had
also previously mentioned that the altcoin could rise to as high as
$27. He believes this price level is attainable based on the fact
that XRP, back in 2017, surged by 61,000% in 280 days. This was
something he emphasized once again in his latest post, noting that
a 50% drop remains a “plausible scenario” as XRP tries to replicate
that percentage move from 2017. While a significant price
drop remains a huge possibility, Egrag believes that it also
represents a “generational buying opportunity.” The analyst has
continued to urge XRP holders to remain patient, especially if they
hope to make the most gains from their XRP holdings, with Egrag
once analyzing how the token will rise to $2,500 by 2029. In
the meantime, those invested in the token will hope that Martinez’
prediction doesn’t come true, seeing that XRP has already dropped
below $0.55. At the time of writing, XRP is trading at $0.54, down
by over 3% in the last 24 hours, according to data from
CoinMarketCap. Token price at $0.54 | Source: XRPUSD on
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