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Will XRP Price Drop to $1.22? Here’s What Analysts Say
The cryptocurrency market has been witnessing a volatile ride lately, with many tokens experiencing significant price swings. One such token is Ripple (XRP), which has been under intense scrutiny due to its recent price movement. In this article, we’ll delve into the predictions made by analysts regarding XRP’s potential trajectory.
As of now, XRP’s monthly RSI stands at 78.29, indicating strong bullish momentum. However, experts are closely monitoring three crucial RSI levels – 74, 70, and 65 – as these zones have the potential to significantly impact the token’s future direction.
One analyst, Michaël van de Poppe, has emphasized that XRP is currently in a consolidation phase following an explosive rally. He noted that despite the slowdown, the higher timeframe support zones remain crucial. These levels offer optimal entry points for investors seeking to join Ripple.
Moreover, analysts have indicated that if XRP fails to hold above the $2 support level, it may trigger bearish momentum and potentially push the price down to $1.22. This prediction comes after experts previously projected a potential rally up to $4, pending the token’s ability to break key resistance levels at $2.60, $2.65, and $2.75.
It’s worth noting that XRP has experienced a 4.88% decline over the past week, with prices plummeting from a high of $2.23 to a low of $2.00 before partially recovering to $2.12. Despite this setback, experts continue to monitor crucial levels and predict a turning point in XRP’s trajectory.
For those seeking more information on XRP or the broader cryptocurrency market, we recommend exploring our previous articles, including “Analyst Predicts ‘Big Move’ as XRP Price Enters Key Breakout Zone.”
Source: www.cryptonewsz.com
