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Amid the bearish sentiment encompassing the crypto market, XRP has experienced a notable decline to the pivotal $0.51 price, which has led to several predictions from analysts concerning the price action of the token.
Could The Price Of XRP Fall To $0.28?
One of the well-known crypto analysts who has shared a daring prediction regarding the price action of XRP is JD. JD recently took to the social media platform X (formerly Twitter) to share his insights on the crypto asset with the crypto community.
In his projections, the analyst looked at the potential for additional declines in an attempt to forecast where XRP will go next. According to JD, the digital asset might be forming a “hidden bullish divergence” on a weekly basis.
On the weekly period, JD pointed out that XRP has been trapped in a symmetrical triangular pattern since 2021. His chart’s data indicates that the crypto asset is presently moving toward the direction of the triangle’s lower trendline.
JD highlighted an orange box he drew in November of last year, which overlaps the bottom trendline. The analyst also noted that the orange box is situated between Fibonacci 0.618 and 0.786.
The box, according to him, is a desirable level for dollar-cost averaging (DCA) move, and a decline into the box is conceivable. He stated that once XRP hits the box, he intends to open a “buy-the-dip” campaign, “heavily” filling his bags around $0.28 and $0.33.
He also mentioned several other price levels for his personal DCA, such as $0.45, $0.51, and $0.59. This simply suggests that the analyst is confident about the asset in the long run.
The post read:
A wick down the orange box is very possible. (Orange box has been posted since November 2023). My personal DCA: 0.28 – 0.33 (HEAVILY!), 0.45, 0.51, 0.59.
Nonetheless, he has urged the community not to time the bottom and highlighted a signal for investors to buy more XRP. “Don’t time bottom. When ‘Dumb Money’ complains, during the fear, that’s the signal to buy more,” he stated.
Floor Price For The Digital Asset
Even though the entire crypto market is currently experiencing a bearish trend, XRP is one of the most affected assets. The trend is mostly attributed to the waning enthusiasm around the Bitcoin Spot Exchange-Traded Funds (ETFs).
The token has recently experienced severe losses, falling below the $0.55 support level. Due to the trend, analysts are now predicting significant drops in XRP’s valuation in the upcoming days.
Another analyst who has predicted a decline in the price of the asset is XRP Shark. According to the analyst, the token could fall to a price level between $0.35 and $0.45.
He believes that the aforementioned levels are the “bottom area” of the decline. However, XRP Shark has expressed optimism toward the token, while noting a “violent” recovery.
As of the time of writing, XRP was sitting at $0.5129, demonstrating a decline of 10.27% in the past week. Despite the decline, its trading volume is presently up by over 15% in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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