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Will XRP Price Drop to $1.22? Here’s What Analysts Say
As the cryptocurrency market navigates a tumultuous year-end landscape, Ripple’s XRP token has been under intense scrutiny. Market observers are carefully monitoring three Relative Strength Index (RSI) levels – 74, 70, and 65 – that could drastically alter its price trajectory in the short term.
Presently, XRP’s monthly RSI registers at a robust 78.29, hinting at an ongoing bullish momentum. Analysts predict that should this indicator continue to rise and bounce off these key levels, it may reach as high as 88 or beyond, cementing the upward trend for XRP.
However, a potential dip towards the 70 RSI zone could signify a shift towards bearish sentiment. While a downturn to 70 would not necessarily signal the end of the bull run, it is considered a critical threshold. A rebound from this level is crucial to maintain the optimistic outlook for XRP.
The 65 RSI mark has been identified as another pivotal marker for XRP’s price performance. If the token falls beneath this zone, it may indicate a transition into bearish territory, prompting concerns about the potential for a downward trend. Conversely, as long as the indicator remains above this level, there is still room for recovery.
In addition to these RSI levels, analyst Ali Martinez has drawn attention to the tightening of Bollinger Bands on XRP’s daily chart. This narrowing pattern typically precedes either an extended breakout or breakdown in price, resulting in heightened volatility.
Meanwhile, Egrag Crypto emphasized the importance of the $2.12 resistance level. A daily close above this price point could trigger a bullish move for XRP, with targets set at $2.75. The currently recognized support zone of $1.67 is playing a crucial role in sustaining XRP’s consolidation.
Despite an overall positive outlook, XRP has faced some short-term challenges. The token has seen a 4.88% decline over the past week, dipping from a high of $2.23 to a low of $2.00 before partially recovering to $2.12. Experts had previously predicted that if XRP were able to break key resistance levels at $2.60, $2.65, and $2.75, it could potentially rally to the $4 mark. However, failure to maintain its footing above the $2 support could trigger bearish momentum, possibly driving the price as low as $1.22.
Source: www.cryptonewsz.com
