Crypto Analyst Predicts XRP Price May Drop to $1.5
A new forecast suggests that XRP may drop below $2, with projections indicating a potential crash to $1.5. Currently, XRP trades at $2.2, reflecting a 3% increase in the last 24 hours.
XRP Price Projection Details
- A technical analysis by analyst MMBTrader identifies a Head and Shoulder pattern on the daily chart, signaling a bearish trend.
- A break below the $1.95 support level could lead to a price decline of up to 50%, possibly reaching as low as $1.2.
- In a bullish scenario, if XRP holds near $2, a rebound to new highs could occur, potentially rallying towards $4 to $4.5.
Whale Activity Amid Market Downtrend
- Despite the market's downturn, XRP whales are accumulating significant amounts of the token, with one whale purchasing over 167 million XRP for $368.4 million.
- The overall market has seen an 11.6% decline in XRP prices over the past week, amid broader crypto market liquidations totaling hundreds of millions of dollars.
