XRP Price Risks Falling to $2 if This Happens, But There’s a Catch

Key Insights:

• XRP price plunged more than 5% and lost the $3 support, amid a broader crypto market selloff.
• Analysts predict a potential dip to $2 if it loses a key support level.
• Despite short-term woes, a top expert said that XRP can recover and rally to $3.65 if it clears a key resistance level ahead.

XRP price has once again taken the market by storm, but this time due to the massive selloff in the market. The crypto has lost more than 5% from yesterday, dropping below the brief $3 support, which has spooked investors over a further dip in the asset’s value.

It’s worth noting that the ongoing dip comes amid a broader crypto market crash. During writing, the global crypto market cap retreated more than 4% to $3.87 trillion, with altcoins taking the biggest hit.

Ethereum, Solana, and Dogecoin lost more than 5% in the 24-hour timeframe, while BTC price slipped nearly 3% to $115,000. This indicates a waning appetite for risk among traders, with many waiting on the sidelines amid the topsy-turvy scenario in the market.

Meanwhile, amid this, top experts predict a further dip in XRP price, potentially to $2. However, despite short-term woes, a top analyst said that despite short-term woes, it is less likely that the negative momentum will sustain in the long run.

XRP Price Slips Amid Crypto Market Crash

XRP price was one of the top laggards among the top players in the digital assets space today, sparking discussions among traders. During writing, the crypto has lost 5.5% and slipped to $2.96, with its trading volume jumping 76% to $6.4 billion.

The crypto has hovered between $2.95 and $3.15 in the last 24 hours, reflecting the volatile scenario in the market. It appears that the primary reason behind the retreat is the broader crypto market crash.

It reflects that the investors are taking a pause after the robust rally recorded in the broader crypto market. In addition, last week’s hotter-than-expected US PPI inflation data might have also weighed on the traders’ sentiment.

Meanwhile, the gloomy momentum is further evident in XRP price’s weekly chart, which showed a slump of around 10%. In addition, it has lost nearly 14% over the last 30 days, despite several positive developments surrounding Ripple and its native asset.

Can Bears Continue to Dominate?

The derivatives data paint a gloomy picture, suggesting that XRP price might continue to decline in the coming days. According to CoinGlass data, XRP Futures Open Interest fell 4% to $7.85 billion, down from last week’s peak at $8.7 billion.

On the other hand, the recent comments from market pundits have further spooked traders. In a recent X post, renowned analyst Ali Martinez said that as XRP failed to hold the $3 support, the next support lies at $2.6.

However, he noted that if it loses $2.6, it could slip to $2 in the coming days. In a previous post, he noted that XRP price must reclaim $3.3 to avoid such a fall.

Meanwhile, analyst EGRAG CRYPTO has also echoed a similar sentiment, but he remains bullish on the long-term picture. According to EGRAG CRYPTO, XRP price might dip to $2, but this drop is expected to be temporary.

In a recent post, the analyst expressed confidence in XRP’s long-term prospects. He suggests that any dip to $2 would likely be short-lived and limited to daily or weekly fluctuations.

Notably, XRP’s current price near $2.96 fuels the possibility of a dip to $2. However, EGRAG CRYPTO doubts that XRP will see a monthly close below $2 anytime soon.

Can XRP Price Make a Comeback?

EGRAG CRYPTO has also shared an analysis, suggesting a potential recovery ahead. He noted that, if XRP price closes below $2.9, it could intensify the selloff, potentially dragging down the price to $2.65.

However, if it reclaims the $3 support, the next target would be at $3.13. Simultaneously, if bulls remain in charge, which he believes, it could continue to rally to $3.20, $3.45, and potentially to $3.65 in the coming days.

Having said that, it appears that breaking the $3 mark is crucial for XRP price to make a comeback. However, investors should consider that if the selling pressure mounts, a dip to $2 is also feasible.