While XRP records a consequential price fall today, analysts expect a further drop near the $0.39 channel before the next massive pump.
The price of XRP has fallen back to the $0.4 range following the market-wide downturn, particularly as Bitcoin crashed below the $50K price point earlier today. Following Bitcoin’s dump, XRP touched a $0.45 low today, crashing by over 19% from the intraday high of $0.5567.
Looking at a broader timeframe, XRP has fallen by over 30% from its recent four-month high of $0.65, reached two weeks ago. This outcome has caused market analysts to review their bullish XRP projections based on current realities.
XRP Price Action Before Next Leg Up
In a recent post, analyst Cryptoinsightuk noted that XRP reached his area of interest upon breaching below the $0.5 level as he observed a reactionary bounce. He considers the price action a positive initial step for better upside potential.
Meanwhile, the analyst mentioned that he desires to see XRP move deeper into the $0.4 price range. He anticipates a gradual increase in volume, indicating accumulation, followed by bullish divergences before the next impulsive upward movement.
Although Cryptoinsightuk expects a substantial rebound in XRP once it reaches a bottom around $0.4, he did not provide an explicit upside price target for investors to watch.
XRP Target for Next Uprend After Dip
Meanwhile, in a separate analysis, widely followed market observer “CrediBULL Crypto” hinted at XRP’s potential uptrend. This analyst similarly projected that XRP would reach the lower boundary of the $0.4 range before making a significant upward move.
He stressed that XRP’s dip was not unexpected, as he had anticipated it weeks in advance during XRP’s pump.
Now, CrediBULL has disclosed his interest in opening a long position for XRP at its current low price. He expects a comeback that could drive XRP to $0.95, as shown in the chart accompanying his update.
Accordingly, market observers are urging participants to view the low XRP value as a buying opportunity rather than a cause for concern.
They believe XRP will break out of its wider downtrend in the coming weeks or as early as this month. Some analysts have highlighted the significance of XRP re-entering the $0.9 range, noting that this could signal the end of its downtrend.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
