XRP Price Drops 50% but Analysts Predict Bounce and Target Above $3
Despite reaching over $3 earlier this year, the XRP price has since fallen nearly 50% between late 2024 and early 2025. Bullish sentiment remains strong within the community.
Current Analysis of XRP Price
A crypto analyst on X (formerly Twitter) has identified a significant formation on the XRP chart:
- XRP is moving within a descending channel, typically indicating a bearish trend.
- The price is testing the bottom trend line, which has historically provided strong support.
- There is potential for a bounce from this support level.
- A rounded bottom formation suggests a possible end to the current downtrend.
- Main support is at $1.6, which has held steady as a recovery point.
- Entry points are suggested between $1.70 and $1.85.
- If the price bounces and moves toward $2, key resistance levels are between $2 and $2.2.
- Three profit targets have been set at $2.3385, $2.8160, and $3.3062.
Bearish Risks
While the analysis leans bullish, risks remain:
- Support at $1.6 must hold; a drop below could lead to further corrections towards $1.3.
- Building buy sentiments may support the bullish scenario.
