XRP Faces Bearish Pressures Amid Market Downturn: Analysts Divided On Next Move
25 January 2024 - 9:20PM
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XRP, the native cryptocurrency of the Ripple network, became a
focal point in the face of the recent downturn in the broader
market, facing the consequences of breaching a crucial support
level and prompting uncertainties regarding its immediate outlook.
In tandem with Bitcoin’s descent below the $40,000 mark and
Ethereum’s stumble beneath $2,200, XRP mirrored the trend, slipping
below the pivotal $0.51 threshold for the first time since January
3. XRP Vulnerability Sparks Differing Views This abrupt breakdown
laid bare the vulnerability of XRP’s current standing, triggering a
wave of speculation about its potential trajectory in the near
term. Related Reading: Crypto Carnage: OKB Flash Crash Wipes 25%
Off Value In Minutes – Here’s What Happened Amid the market
turbulence, analysts have offered a spectrum of conflicting
predictions, leaving investors to navigate a complex landscape
characterized by mixed signals. The varying assessments of XRP’s
future add an additional layer of uncertainty to an already
tumultuous market environment, compelling investors to carefully
weigh their options and stay attuned to the dynamic nature of
cryptocurrency markets. JD, a technical analyst, identified a
long-term triangular pattern in XRP’s price chart. He predicts a
potential further decline towards the lower trendline of this
pattern, with the $0.28-$0.33 range identified as a potential
“buy-the-dip” zone. #XRP – May be creating “Hidden Bullish
Divergence” on weekly (candle body close below red line would
negate divergence) A “wick” down the orange box is very possible.
(Orange box been posted since November 2023!) My personal DCA: 0.28
– 0.33 (HEAVILY!), 0.45, 0.51, 0.59 Don’t…
pic.twitter.com/ipMsM0p7ZE — JD 🇵🇭 (@jaydee_757) January 23, 2024
Ali Martinez, a veteran market observer, warned of a potentially
steeper descent if XRP fails to hold above $0.55. Based on his Jan.
18 analysis, a breach of this level could trigger a significant
drop, plummeting the token towards the $0.34 mark. Related Reading:
Lone Survivor: Ronin (RON) Rallies 20% As Top 100 Cryptos Bleed
$XRP is currently grappling to maintain its footing at the crucial
$0.55 support level. Should this support fail to hold, be prepared
for a possible sell-off scenario that could see #XRP descending
toward $0.34! pic.twitter.com/6oKObjpnnm — Ali (@ali_charts)
January 18, 2024 Alternatively, XRP Shark, another analyst,
presented a more optimistic outlook. While acknowledging the
possibility of a drop to the $0.35-$0.45 range, XRP Shark sees this
as a potential buying opportunity and predicts a subsequent
substantial recovery for the token. Looking to load up a bit on XRP
in the coming time between .35-.45 🍻 I personally think that will
be the bottom area of this move down and a violent move to the
upside is following. Invalidation below .30 cents (would be pretty
bad to see it go past that level) 🍻 pic.twitter.com/OA0SbXOEOZ —
XRP_Shark (@XRP_Shark) January 22, 2024 At the time of writing, XRP
was trading at $0.51, down 0.4% and 9.3% in the last 24 hours and
seven days, respectively, according to data from Coingecko. XRP
Faces Critical $0.51 Threshold The $0.51 threshold is one of the
most important price zones for XRP because a retreat from this
level could push the token below the psychological $0.50 level.
Ripple currently trading at $0.51 on the daily chart:
TradingView.com Despite the varied predictions, one consensus
emerges: the short-term outlook for XRP appears bearish. With
analysts anticipating further declines if crucial support levels
are not held, investors should brace for potential volatility in
the immediate future. However, a closer look reveals glimmers of
potential hope. Both XRP Shark and JD anticipate a future rebound
for the token, albeit at different price points. This suggests that
while the near-term may be turbulent, the longer-term prospects for
XRP may not be devoid of promise. Featured image from Pixabay,
chart from TradingView
Ripple (COIN:XRPUSD)
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