Top An
$XRP alyst Says XRP Could Explode 600% — but Is a Crash to $1 More Likely?
XRP is in a pivotal moment in its price behavior as it attempts to hold above the important support price of $2, down more than 4% in the last 24 hours. Despite the sell-off, a few analysts are still speculating that a major flip in sentiment might happen, causing the start of a major XRP rally. One of these projections has an increase of 600% in XRP’s price to $15 if support holds. However, as the XRP market trend has deteriorated and technical indicators are becoming bearish, the most important question remains whether XRP has the ability to reverse the price trend and have a massive rebound in the near future.
Can XRP Really Hit $15?
According to crypto analyst Crypto Elites, XRP is forming a rounding bottom pattern, a classic sign that a trend reversal may take place. If the $2 level of support holds, then this pattern could trigger a breakout, sparking a strong XRP rally which would drive the market cap of XRP above $1 trillion and into the realm of Bitcoin and Ethereum. In addition to this, XRP market sentiment shows strength as whales have started moving XRP – an 8 million XRP transaction recently took place, indicating that whales aren’t ready to sell yet. Grayscale also added to the positive sentiment about XRP by stating that it has the top year-to-date performance amongst the top 10 cryptos.
The Bearish Case: Why XRP Could Still Drop Further
Even with positive forecasts, some do not believe that XRP will enter a rally. The market data shows that the funding rates are negative, meaning that more traders are placing wagers against an XRP rally. Moreover, the RSI on XRP has fallen to 25, displaying extreme selling pressure, and the ADX line is steadily climbing, indicating that the XRP market trend is still strongly bearish. Should this selling pressure be sustained, XRP risks dropping below significant support at $2.0 and fall to $1.81 or less.
XRP’s price action is at a critical decision-making juncture – caught in the battle of bulls versus bears. The next market movements will determine if XRP holds above the critical support and rallies or continues to trade lower. Let’s take a look at the recent price action and what the charts indicate.
Price Analysis and XRP Price Prediction
