Analyst Warns XRP Could Plunge to $1.90 Amid Bearish Threat
XRP has recently surpassed the $3 mark, indicating potential bullish momentum, though a weekly close above this level is needed for confirmation. The cryptocurrency remains within a descending channel on the weekly timeframe.
Analyst Warns of Potential Bearish Scenario
- Analyst CoinsKid highlights the risk if XRP fails to maintain its position above critical support levels.
- XRP has shown sideways movement since December, stabilizing along the bull market support band (BMS).
- A breakdown through BMS could lead to a drop below $1.90, causing a significant decline.
The descending channel's lower trendline is around $2.2; breaking below may lead to further retracement.
Key Price Levels for XRP
- Critical levels: $2.20 and $1.90. Holding above $2.20 maintains a bullish structure long-term.
- Short-term support at $2.8 and $2.72. Maintaining these could enable another attempt at breaking the descending channel.
XRP has held above $2.8 recently, with buying pressure pushing it past $2.9 to an intraday high of $3.10.
CoinsKid's chart suggests optimism if XRP breaks the channel's upper trendline, potentially rallying above $4. Currently, XRP trades at $3.05.
