Crypto trader and analyst Johnny has identified a potential retracement trajectory for XRP, leading below the $0.50 zone but assures an eventual surge to $1.
XRP has continued to record declines since achieving the high of $0.9380 on the back of the favorable court ruling on July 13. Amid this persistent downturn, crypto trader and analyst Johnny believes XRP could plummet to the levels witnessed before the verdict on the Ripple case. However, he maintains that a surge to $1 is programmed.
Johnny shared these interesting insights in his latest analysis of XRP, citing pointers from a 12-hour XRP chart recently highlighted on X (fka Twitter).
— Johnny (@CryptoGodJohn) August 2, 2023
Data from the chart suggests that XRP’s drop below the $0.73 territory represented a crucial break below a significant price level. Johnny identified a vital support point at $0.7321, which XRP had leveraged as a hedge against declines to the lower spectrum of the $0.70 zone.
However, XRP broke below this price level on July 24, with the bears flipping it from support to resistance. The bears resisted all attempts to recover and solidify a position above the price level. The last time XRP retested the $0.7321 point was on July 27. The asset has failed to touch the price level since then.
As XRP continued to register intermittent declines, it battled to hold above the $0.70 psychological support, having faced relegation to the lowest spectrum of the price zone. However, the bears succeeded in battering the asset below the support. Yesterday, XRP closed the day below $0.70 for the first time since July 13.
Johnny’s analysis forecasts a potential consolidation at the current price territory for XRP. However, the analyst projects a significant drop to the $0.50 zone as we head toward September. This drop could be followed by a ranging period before a subsequent break below $0.50.
XRP to $1 Programmed
Should this analysis materialize, XRP would face a full retracement to the levels before the rally triggered by the lawsuit victory. While this projection presents bearish sentiments, Johnny maintains the belief that XRP will hit the much-coveted $1 price.
In a previous analysis, the analyst called attention to XRP’s inability to flip the resistance at $0.82 to support at the time. He first highlighted the possibility of a retracement then. However, he confirmed that the $1 price target remains in view regardless of the bearish short-term reality.
Johnny noted that although the $1 target remains plausible, it will not yet materialize. Meanwhile, XRP is trading for $0.6725 as of press time, down 3.25% over the past 24 hours. The asset’s next crucial support level sits at $0.6530.