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Will XRP Price Drop to $1.22? Here’s What Analysts Say
The XRP community is in a state of anticipation as the token’s price movement reaches critical junctures. As of now, its monthly Relative Strength Index (RSI) stands at 78.29, indicating an incredibly robust bullish momentum. However, experts are carefully monitoring three key RSI levels—74, 70, and 65—that may significantly influence XRP’s trajectory.
To begin with, analysts have identified a critical consolidation phase in the token’s price action. In this context, Crypto analyst Michaël van de Poppe emphasized that while XRP has slowed down after an explosive rally, higher timeframe support zones are essential entry points for investors seeking to enter Ripple.
The monthly RSI reading at 78.29 underscores the strong bullish momentum experienced by XRP. It is crucial to note that should this indicator continue its upward movement and bounce from this level, experts expect it could rise as high as 88 or even higher, confirming sustained upward momentum. A potential dip to the 70 RSI zone could signal a shift towards bearish sentiment.
In other words, a rebound from this zone is vital to maintain a positive outlook for XRP. The 65 RSI level has been pinpointed as an additional crucial marker for XRP price movement. If the indicator closes below this level, it might signal the end of the current bullish cycle and potentially trigger a downward trend.
Other analysts have presented their own findings. Ali Martinez emphasized the narrowing Bollinger Bands on the daily chart. A tightening pattern is often seen before a significant breakout or breakdown in price. As such, users should be prepared for an unexpected move. Egrag Crypto underscored the importance of the $2.12 resistance level.
A daily close above this point could trigger a bullish move for XRP, with potential targets set at $2.75. On the other side, the $1.67 price zone serves as a critical support area.
To put it briefly, Ripple’s token has faced some minor setbacks in recent days. It dropped by 4.88% over the past week, falling from $2.23 to $2.00 before partially recovering to $2.12. Previously, experts had projected that if XRP could break through key resistance levels at $2.60, $2.65, and $2.75, a rally to the $4 mark might become possible.
However, failure to hold above the crucial $2 level could trigger bearish momentum and potentially push the price down to $1.22
Source: www.cryptonewsz.com
