- Some technical analysts are unbothered by the current dip in the price of XRP as they believe it’s the last shakedown before a blow-off top.
- Their charts suggest the token’s possible strike to the $1.40-$1.60 line, but with potential for rebounds to $10 or beyond.
Today, XRP has recently dipped to $2.08, a price it last saw during the massive cryptocurrency liquidations in early October. The other time it consolidated around that territory was right before the asset exploded to a $3.65 peak in July.
Analysts blamed the token’s performance on the bearish sentiment gripping the market as Bitcoin (BTC) temporarily fell to $98,962.06. The breach in the premier digital asset’s key support levels elevated the 24-hour crypto market liquidations to over $2 billion past Wednesday midnight.
Despite the depressing scenario, popular technical analysts have remained calm, believing the trend could be a part of the final shakedown before a significant year-end rally.
Bitcoin’s Potential for a Last-Minute Rally
The price of XRP essentially exhibits a high alignment with Bitcoin’s value. Macroaxis found that the assets have maintained a correlation of 0.69 in the last three months. The figures indicate that the two have a high tendency to move together, and investing in them yields a poor diversification strategy.
Fundstrat co-founder Tom Lee’s bullish outlook for BTC’s last-minute rally, forecasting that it could top around $150K to $200K per coin before the year’s end, could trickle down to XRP’s benefit. The new Bitcoin milestone could renew optimism in the broader crypto market, and a possible capital rotation of investors upon realizing profits at its new high could bring fresh funding to altcoins like XRP. This could also rekindle anticipation for the long-overdue altcoin season.
XRP Price to Further Drop to $1.60
XRP Healthcare Head of Social Adoption Edo Farina recently explained how he was able to keep everything cool amid the heating market. For him, the present condition signals a last chance to buy XRP at a lower entry point before its price goes off the roof.
Additionally, the analyst sees more room for the token’s deeper correction at $1.60 or $1.80, but its fundamentals dictate that it could bounce higher than its all-time high of $3.84 more than eight years ago. Farina, together with Black Swan Capitalist founder Versan Aljarrah and Digital Outlook Wealth Strategist David, is confident of the asset and its underlying technology’s capability to drive the next evolution of the global financial system, especially in international payments settlement. Previously, his group also suggested that XRP could help bridge the return of the modern monetary system to the gold standard.
XRP’s Possible Climb to $10
Furthermore, the pseudonymous Egrag Crypto, a popular technical analyst, said he is wading the waters without fear. He explained that the long-term chart and data confirm that XRP is within a range, albeit not within a clean rectangle or ascending wedge.
The token’s measured move within the pattern could culminate in a $10 top or even higher. However, Egrag reiterated in his earlier readings that the road to the tops he mentioned would be bumpy, and the market will likely test the mettle of traders with the token’s dip to $1.40.
Disclaimer: The facts presented in this article are only for informational purposes. They do not serve as financial advice or product recommendations from the author or the Blockzeit team.
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