XRP Analyst Predicts Further Decline to $1.5 Amid Market Downturn

A renowned crypto analyst, MMBTrader, who accurately forecasted XRP's drop below $2, has now provided a more detailed prediction. Highlighting critical support and resistance zones, MMBTrader believes XRP could fall to $1.5 due to the market slump and lack of positive momentum.

Head and Shoulders Pattern Signals Bearish Trend

Analyzing the XRP daily chart on TradingView, MMBTrader identified a Head and Shoulders pattern, a classic indicator of a market breakdown. The pattern consists of three peaks: the left shoulder, the head, and the right shoulder. If XRP breaks below the neckline at $1.95, it could experience a 50% plunge, potentially hitting $1.5 or even $1.2.

Potential for Recovery

Despite the bearish outlook, MMBTrader remains optimistic about a possible rebound. If XRP manages to consolidate around $2 without further decline, it could rise to new highs. The analyst even speculates a significant recovery to $5 if XRP stabilizes at $1.5, with a bullish surge between $4 and $4.5.

Whales Accumulate During the Dip

Adding to the intrigue, crypto expert Brett revealed that a whale recently purchased over 167 million XRP, valued at $368.4 million, during the market downturn. This massive acquisition indicates confidence in XRP's long-term potential.

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