XRP price today has experienced a significant decrease of more than 13% amidst a broader downturn in the crypto market. The volume of XRP has also seen a substantial increase. In the midst of this, a top analyst known as EGRAG CRYPTO has raised concerns about a potential crash in the price of Ripple’s coin to $0.74, citing historical trends. Despite this bearish outlook in the short term, the analyst remains optimistic about the coin’s future trajectory.
EGRAG Crypto has pointed to historical patterns that suggest a possible crash in the price of XRP in the near future. Drawing comparisons from the 2017 and 2021 market cycles, where XRP experienced significant drops of 73% and 78% from local highs to lows, the analyst predicts that XRP could plummet to $0.91 or even $0.74. However, he also noted that the coin has historically bounced back strongly after such drops, with gains of 2700% in 2017 and 1000% in 2021.
The analyst emphasized the importance of the 200-day Moving Average (MA) as a critical support zone for XRP. He highlighted the relationship between the 50 MA and 200 MA as a key signal to watch for a potential bullish run. If XRP touches the 200 MA and rebounds before a bearish crossover, it could indicate a strong upside move in the future. This analysis suggests that despite the current downturn, XRP may still have room for growth.
XRP price today stands at $1.78, having dropped more than 13% in a single day. The one-day volume has spiked by around 500% to $12 billion, indicating heightened activity in the market. The coin reached a low of $1.64 and a high of $2.09 within 24 hours. Additionally, the XRP Futures Open Interest has fallen by 18% to $2.9 billion, reflecting a negative sentiment among investors. Despite these figures, experts like EGRAG CRYPTO remain hopeful about the long-term prospects of XRP.
In the midst of the market turmoil, Ripple CTO David Schwartz has shared some “good news” for the market, adding a positive spin to the overall sentiment. This development, coupled with the analysis of experts like EGRAG CRYPTO, has sparked discussions within the crypto community. While the short-term outlook may be uncertain, there is still optimism surrounding the future trajectory of XRP. As investors continue to monitor key technical indicators and market trends, the potential for a bullish run in XRP remains a possibility.
