The Block Bull, a notable market analyst, expects XRP to crash to its November lows amid the ongoing market uncertainty.
The analyst’s commentary comes as XRP has failed to break above its current consolidation phase. Notably, this bearish turn of events is largely due to the condition in the broader crypto market, as Bitcoin (BTC) continuously reclaims and gives up the $100,000 mark.
For context, XRP surged to a new seven-year peak of $2.9 on Dec. 3 following a 105% increase within eight days. However, this uptrend faced major resistance, leading to a massive collapse. Despite recovering from this drop, XRP has failed to retest the $2.9 peak.
The asset has since consolidated between $2 and $2.5, with occasional dips below the $2 mark. Amid this phase, The Block Bull believes XRP’s mid-term outlook is bearish, and a sharp drop could ensue from the current position.
XRP Could Begin Its Downtrend Today?
According to him, XRP could start collapsing from today. Following his analysis yesterday, XRP closed the day with a 2.34% drop, breaking the winning streak that began on Dec. 10. However, XRP has shown mild resilience this morning, trading flat at press time.
In his commentary, The Block Bull predicted that the forthcoming XRP collapse could result in a crash to $1.5 by next week. It bears mentioning that since XRP crossed the $1.5 level on Nov. 29, it has not revisited this price mark.
Interestingly, the market analyst still does not expect XRP to maintain the support at $1.5. According to him, a further slump could ensue, potentially pushing XRP back to the $0.5 level between Christmas and New Year. For context, XRP battled $0.5 for most of 2022 and 2023, but eventually conquered it in November 2024.
Pivotal Support Level to Watch
In a subsequent disclosure, The Block Bull stressed that the $2.2 support is the decisive point for XRP. He contended that if the altcoin loses this level, it does not boast any more significant support until $1.5, which in itself is weak. At press time, XRP trades for $2.34, above the $2.2 support.
Price to look out for with $XRP is $2.20. Below that there is literally no support besides a small shelf around $1.50 which wont hold very well
— 📈BLOCK BULL📈 (@TheBlockBull) December 12, 2024
Notably, XRP followed a path similar to The Block Bull’s projection during its 2017 uptrend. After soaring 284% in March 2017, XRP collapsed 44% in the first week of April 2017 before eventually recovering to hit the ATH of $3.3 months later. As XRP changes hands at $2.34, a drop to $1.5 would mark a 35% crash and $0.5 would represent a 79% slump.
However, several XRP proponents have challenged the market analyst’s projections, confirming their optimism in XRP’s potential. This confidence possibly stems from the imminent launch of Ripple’s RLUSD stablecoin, broader market conditions, and the regulatory stance of the forthcoming Donald Trump administration.
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.
