XRP price recently experienced a significant price movement, breaking below its bottom trendline and triggering a sharp drop. Analysts have weighed in on the developments, offering insights into what this means for XRP’s trajectory.
What’s Next For XRP Price?
Crypto analyst Dark Defender acknowledged the downside move. He noted, “We expected a break in hours, and it arrived. However, I should have indicated that a downside break was also possible, which was my mistake.” Despite the correction, Dark Defender maintained a bullish outlook, emphasizing that XRP price is still on track to meet its targets. “I was expecting $3.62 after this regular C Wave. Although we have entered Expanded, $3.62 is still there. The targets are still the same and solid,” he added.
CasiTrades, another prominent analyst, highlighted the technical factors at play. “XRP broke significantly below its bottom trendline in the last several hours, triggering a sharp drop to the .5 retrace for the large Wave 4,” they explained. However, the analyst noted that the .5 retracement level, along with a key trendline, is currently acting as critical support.
We expected a break in hours, and it arrived. However, I should have indicated that a downside break was also possible, which was my mistake.
We expected this move towards the $2.81 level and addressed it five days ago on Patreon (attached below) as a possibility. XRP showed… pic.twitter.com/UkHlP8hbcc
— Dark Defender (@DefendDark) January 27, 2025
CasiTrades outlined potential scenarios for XRP, stating, “True invalidation would come with closes below $2.60. For now, the .5 retracement and a significant trendline are providing crucial support with XRP now back above the .382 level ($2.88).” The analyst identified new Wave 5 targets at $3.58 and $4.15, adding that these levels remain achievable despite recent volatility.
The broader market also played a role in XRP price movement. CasiTrades pointed out that Bitcoin’s sharp rejection and subsequent drop impacted altcoins, including XRP. However, they suggested that Bitcoin’s subwave 4 recovery could provide temporary relief for altcoins, allowing them to stabilize or rally during consolidation.
As XRP price experiences corrections, analysts urge caution while maintaining a bullish outlook for the longer term. Dark Defender reassured investors, saying, “Corrections are a must and normal—do not panic. XRP will proceed with the targets with the ups and downs.”
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Source: https://www.cryptonewsz.com/xrp-price-analysis-analysts-predict-new-highs-amid-corrections/