An expert analysis has suggested this is a good opportunity to buy XRP at a discount price, as a recovery to new highs is on the horizon.
Notably, this commentary came from “R2CTrading” at a time when the market is in an obvious downward spiral. XRP slipped below the $2 support on Thursday, drifting further away today, with its intraday low at $1.84.
XRP on a Discount Sale
However, the TradingView analysis sees this correction as an “early Black Friday sale.” This suggests that XRP is trading at a discount, and market enthusiasts may have maximize this opportunity, as it may not last long.
The market watcher noted that the crypto market has been on a downtrend since late September. However, for XRP, this correctional momentum kicked in after it reached its yearly peak of $3.67 in July.
Meanwhile, the downtrend has intensified since the start of Q4. One notable market event occurred on October 10, when a tariff fallout between the US and China sparked a sharp drop across the crypto market, liquidating billions of dollars.
R2CTrading believes the historic crash created gaps in the crypto market. Notably, XRP fell to different price levels on several exchanges. On Kraken, it reached a low of $1.40, but the Binance chart on TradingView shows a steeper drop to $0.77.
Liquidity Level Attained
Notably, the analyst identified that the crash left a gap near $1.98-$1.99 on XRP. Currently, the token has reached this liquidity level, trading at $1.93 at the time of writing. The level also aligns with the critical support area around the region, which had cushioned negative price trends earlier.
From here, he expects a rebound to new all-time highs, trapping bears as the holiday season approaches for crypto. Specifically, his XRP price prediction suggests a move towards a new all-time high of $4, a level he suggested was just the beginning.
Notably, a rise to $4 from the current trading level represents a 107.2% increase, pushing XRP’s market cap beyond $241 billion.
Nonetheless, Egrag Crypto had earlier emphasized that $4 is a low target for XRP. The top analyst shared that XRP won’t stop at $4 but could rally to $13.56 and then to $27.17.
What if XRP Slides Lower?
Meanwhile, bearish prospects remain as price weakness persists. If XRP fails to rebound, an earlier analysis suggests the next key supports to watch are $1.91 and $1.73.
XRP already reached $1.91 but has rebounded from here at the time of writing. The $1.73 support level is 10% below the current market level. Moreover, a separate analysis also predicted that XRP could drop to $1.55.
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.
