XRP Price Risks Falling To $1.6, Top Analysts Say

XRP price has continued its free fall today, losing more than 11% amid a broader crypto market crash. Amid this, a top market analyst has highlighted key support zones for Ripple’s native asset while hinting towards a potential drop to $1.6. So, let’s take a quick tour of the current performance of the coin and see how it may perform in the near future.

XRP Price Risks Falling To $1.6

The broader crypto market has witnessed gloomy trading today, with most of the top assets resting in the red. Amid this, XRP price slipped 11% and exchanged hands at $2.21, and its one-day trading volume jumped 139% to $8.33 billion.

Notably, it’s worth noting that the crypto has dropped from its 24-hour high of $2.6. Besides, the Relative Strength Index of the asset is nearing the oversold condition, which might help in a strong recovery ahead. Furthermore, the waning risk-bet appetite of the investors is also evidenced by the dropping Futures Open Interest of the token by 15% to $3.18 billion.

What’s Next For Ripple (XRP) Price?

As the XRP price took a hit, top market expert EGRAG CRYPTO has weighed in on the key support levels to watch. According to EGRAG CRYPTO, if XRP fails to hold its current support level, it may drop to $1.60.

In a recent X post, EGRAG CRYPTO shared a price chart and highlighted the importance of the $2.30 level. “Our key focus now is not to drop below $2.30, as that could trigger a free fall to lower targets” he warned.

Meanwhile, the expert also emphasized the potential for range-bound movement until a breakout occurs. He identified the following key levels:

• Closing below $2.30: Bearish
• Closing above $2.60: Bullish
• Closing above $2.85: Super Bullish
• Closing above $3.11: Heading towards all-time highs (ATH) and potentially setting new ones!

  

Having said that, investors will be watching these levels closely as the XRP price continues to fluctuate. Echoing a similar sentiment, another renowned expert Ali Martinez said that “XRP is breaking out of an ascending parallel channel”, hinting at a sharp decline ahead. Precisely, he predicted the crypto to slip to the $1.65 mark.

Market Trends & Other Factors Impacting Price

The recent dip in XRP price comes despite a flurry of positive crypto market developments, especially Ripple. For context, Donald Trump has recently mentioned Ripple and XRP on the Truth Social platform, fueling market discussions.

Besides, it also triggered speculations over the US XRP Reserve possibility, while adding fuel to the ongoing BTC vs XRP debate. Amid this, a top lawyer also commented on what lies ahead for the Bitcoin Vs Ripple war.

However, despite these trends, it appears that the Ripple whales are trading cautiously amid the ongoing slump. For context, whales have offloaded more than 81 million coins to exchanges recently, which has further dragged down the asset’s price.

✓ Share:

Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.