XRP price has continued to stay in the red, reflecting the cautious stance of the investors towards the token. Notably, the stagnant price action of the crypto has left many investors questioning, despite the positive market developments. Amid this, a top market expert, predicted a potential pullback in Ripple’s native crypto to $1.4 citing historical trends.
XRP Price Risks Falling To $1.4
XRP price has remained stagnant over the past few days, raising market concerns. Despite a flurry of positive developments, including XRP ETF gaining traction, the token has struggled to gain momentum, reflecting a cautious stance of the investors.
Amid this, a top market expert believes Ripple’s native crypto could see a significant correction based on past price movements. In a recent X post, EGRAG CRYPTO highlighted that in July 2023, XRP surged 230%, followed by two major corrections of 54.65% and 59.73%.
Applying the same pattern to the current price cycle, he suggests that a 54.65% drop could push Ripple’s native crypto to $1.54. Simultaneously, if the crash worsens to the 59.73% decline, it could send the price to $1.37.
Meanwhile, the expert noted that these levels mirror past buying opportunities when XRP traded at $0.54 and $0.37. However, he urged investors to watch the price closely, suggesting these crashes might be “excellent buying opportunities.” In other words, despite the gloomy forecast, he deems the potential crash as a buy-the-dip opportunity for investors.
Key Support Levels To Watch
While EGRAG CRYPTO hints at a potential crash ahead, another expert has shared a bullish outlook highlighting key support levels for XRP price. In a recent X post, Dark Defender pointed to a crucial Fibonacci level of $2.4467, suggesting that XRP might be nearing a reversal.
According to him, the Relative Strength Index (RSI) on the daily chart indicates oversold conditions, meaning a rebound could be on the horizon. He also noted that $2.33 remains a strong support level for XRP.
What’s Next For XRP Price?
XRP price lost 2% over the past day and traded at $2.43, while its one-day volume surged 40% to $5.49 billion. Notably, the token has touched a 24-hour high and low of $2.49 and $2.32. Besides, the current RSI of the token stood at 39, indicating that the crypto is nearing an oversold condition.
Notably, the crypto has slipped nearly 29% from its January high of $3.39. Besides, CoinGlass data showed that XRP Futures Open Interest fell from $7.86 billion in mid-January to $3.5 billion, reflecting the bearish sentiment hovering in the market.
However, despite that, experts remain bullish given the positive market developments. For instance, the XRP ETF possibilities gain traction with a flurry of players advancing their move to launch the investment instrument.
Besides, recently a top lawyer hinted that XRP could be included in the US Strategic Reserve asset, once it hits the $5 mark. Adding to the discussions, several experts have shared bullish outlooks, predicting a potential XRP price surge ahead.
Having said that, it appears that despite XRP being on the verge of facing a crash to $1.4, market sentiments remain bullish. Besides, the upcoming correction would also provide more flexibility for the investors to enter at a lower level.
The post Top Expert Predicts XRP Price Crash To $1.4 Citing Historical Trends appeared first on CoinGape.
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