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Top Analyst Warns of Downside Risks for XRP Despite Bullish Sentiment
A recent analysis from a prominent crypto analyst has highlighted the potential risks associated with XRP’s current rally, cautioning that a failure to hold key support levels could lead to significant losses for investors.
According to the analyst, XRP’s price action has mirrored its past performance in 2017, where it successfully flipped a critical resistance level into support. This pivotal moment, as stated by CRYPTOWZRD, set the stage for an explosive upward trajectory that led to a massive surge.
However, this optimism is countered by concerns about potential risks. Another analyst, Egrag, has highlighted the possibility of XRP plummeting to bearish targets of $2.07 if it fails to hold its current support levels. Notably, this level coincides with the bottom of the symmetrical triangle currently forming on the chart.
Furthermore, the analyst warned that a failure to maintain these critical support levels could lead to further declines as low as $1.63.
Despite this downside risk, XRP’s ongoing price action continues to gain momentum.
Source: thecryptobasic.com
