- Analysts mention three crucial support levels – $0.48, $0.46, and $0.33 as possible turnaround points for XRP.
- Another analyst has predicted that XRP could surge to $3.7 after the market recovers from the ongoing consolidation.
Ripple’s XRP keeps extending its downward trend in a bid to find stable ground to launch a bullish run. The asset is currently trading at $0.49 after declining by 1.83% in the last 24 hours. Interestingly, its bearish sentiment has reached 24/100, but analysts expect that to go even lower.
To them, the asset still has a chance to bounce back, but would first have to find stability in one of the three support levels. The first support level is $0.48. According to them, this price point has a historical occurrence of increasing buying pressure. At this level, there could be a bullish reversal if the price holds above this support level and neglects the bearish sentiment.
However, the next stop could be $0.46 when bulls fail to seize control above the first support level. According to analysts, this price point is very crucial as it represents a previous resistance-turned-support area. Analysts believe that this could be a strong point for a price recovery as investors’ confidence could be restored. In this case, the trend could flip to bullish in an attempt to breach the 2023 high.
The third support level that could mark a turning point in the price of XRP is $0.33. This price level is said to be a significant retracement as well as the last opportunity for the market to turn things around. From historical perspective, this price point has seen a huge purchase of XRP and could be a point of return for the digital asset.
XRP Could Stage a Bullish Reversal at the First Support Level
Among the three crucial support levels, analysts find the first price point, $0.48, as the most potential level to trigger a short-term relief, and could push the price to a 10% to 15% surge to trade at $0.55. Interestingly, the price could make a strong case for its upward move when the market sentiment improves. This could push the asset into the $0.60 price zone. At that point, more buyers could join the “moving train” and fuel an extensive upward trend to hit $0.7.
A crypto analyst identified as Blockchain Backer has also stated that XRP could follow the movement of Bitcoin in its next potential rally. Citing the 2015-2016 and 2017-2021 market cycles, the analysts observed a consistent similarity in the movement between Bitcoin and XRP. Another analyst identified as EGRAG Crypto also admitted that the current cycle is a consolidation phase, imitating previous cycles. According to him, a price surge could send the XRP price to $3.7.
So, if history repeats itself with #XRP following the Cycle ‘B’ pattern, a surge akin to previous moves could potentially pocket US $3.7. Consolidating your dollars and other crypto gains into #XRP could easily amplify your portfolio by 6-7X. If you’re sitting on a hefty sum, #XRP seems like the smart move for a potential 6-7X gain. But, if you’re banking on turning $100 into millions, the dog and meme coins might be your avenue. However, that’s not my focus or game plan here.
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