A recent analysis has identified a support breach in the hourly timeframe for XRP, highlighting its subsequent target following the breakdown.
XRP, the fourth-largest cryptocurrency by market cap, briefly broke below the $2.00 stronghold. The XRPL native token dropped below the price mark today, with an over 10% drawdown in the past 24 hours.
In addition, XRP has respectively corrected 25% and 36% in the weekly and monthly timeframes, relinquishing all its 45% January gains.
Meanwhile, the sideways price trend saw it break below a price pattern. A recent analysis identified this occurrence, predicting its next target in the next 24 hours.
24-Hour Target for XRP Breakdown
Analyst Block Bull highlighted XRP’s breakdown from a symmetrical triangle in the hourly timeframe. The coin broke from the structure’s lower support line following strings of closes below the trendline and has conceded to downward pressure since then.
Following the prevalent short-term bearishness, the analyst asserted that the prominent cryptocurrency would decline further. In his Feb. 27 tweet, he speculated that the asset would correct nearly 10% from its current price to around $1.80 by tomorrow.
Notably, the level is close to the Feb. 3 low of $1.7711, an area analysis suggested was XRP’s generational bottom. For context, the asset previously rebounded over 52% from the region to close at $2.7001 that day.
XRP Still Bullish Long-Term
Despite recent price underperformance, analysis continues to suggest XRP could quickly decimate this bearish momentum and target higher prices. One such speculation comes from Dark Defender, who sees the downtrend as a part of a larger bullish picture.
In a recent analysis, he suggested that the asset is approaching the end of its ABC correctional phase, and the next course of action is a rebound to new all-time highs. His commentary asserted a surge past the $3.3509 top to $5 and, subsequently, $8.
Moreover, another commentary predicted short and long-term price targets of $4.3 and $67, with an ambitious surge to $10,000 still in the mix.
At the time of writing, XRP trades at $2.0249, down 8% in the past 24 hours.
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.
