XRP could be up for a notable downward trend, as a prominent market analyst has predicted a steep price decline below $2.
The asset had a purple patch last week following an 8% rally from $2.07 to $2.30. Just when optimism started creeping in, XRP has seen all its earlier gains this week wiped out. For context, the token is down 3.9% from its opening price on Monday and 8% from its intra-week high of $2.36.
Meanwhile, XRP is not alone in this recession. The token has followed a broader market trend, which has seen Bitcoin struggle to hold $95,000 and Ethereum drop below $1,800.
Further Downsides Imminent?
However, according to analyst BLOCK BULL, the worst may still be on the horizon for XRP. In his April 29 X post, he predicted further downsides, specifically targeting a drop below the crucial $2 support zone.
For context, the market analyst cited an XRP rejection from the tip of a bull flag pattern on the daily timeframe. The token could not overcome the resistance in the region, eventually receding by over 8% so far.
Following this downturn, the commentary predicts a steep price decline to $1.55, representing a 30% regression from the channel’s top and 28.6% from the current market price. Notably, the price mark aligns with the bottom of the flag pattern.
Meanwhile, BLOCK BULL insists that the possible capsize was only temporary and a perfect entry position. He urged investors to hold their bags, as whales capitalize on dumps of this nature for maximum profits.
Support Still Holding
Nonetheless, analyst BitGuru highlighted in a parallel tweet that despite XRP’s downside, it still holds a crucial support area. The high-ranking asset has corrected over 6% in the past two days, slumping from $2.30 to $2.15, yet the analyst noted that it has held above a consolidation range on the 1-hour timeframe.
Meanwhile, the market watcher noted that a trend above the range’s support at $2.15 could spark a rapid price rebound to around $2.25 and possibly even higher prices. Interestingly, another analysis suggests the coin could pump to as high as $5 next month, a new all-time high.
In the meantime, XRP trades at $2.17, down 3% since the start of the day.
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.
