Amid the broader consolidation in the digital currency ecosystem, a top analyst is convinced that XRP’s price may soon lose momentum. Despite consolidating in a close range between $2.16 and $2.25 in the past 24 hours, BLOCK BULL believes that a setup on the XRP chart could mark its shakedown in the short term. With many factors in the Ripple ecosystem, the top altcoin remains on the radar to see its next price trend.
Why XRP Price May Fall 30%
The market’s general uncertainty can generally weigh altcoins down. However, BLOCK BULL has pointed out on X that XRP is at risk of falling 30% from its current level to a low of $1.55.
Likely $XRP is going to fall 30% along with $XLM that Ive just posted.
bottom of bull flag and fib level will be a great entry
$1.55 (annoying as hell)
bleeding the average guy and this is why the rich get richer cos theyre the only ones able to afford to HODL pic.twitter.com/pG3h30Swks
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BLOCK BULL
The analyst shared a chart alongside the X post for his forecast to pass. In the chart, he predicted a rejection at the edge of a bull flag formation that the XRP price has inked on the daily chart. If XRP loses the $2.2562, the next significant support to watch out for is the $1.55.
In a major twist, the analyst believes that the setup is a ploy to shake out the retail holders so that the rich can acquire more of the asset. While the coin may keep up with its crash, which fueled a 1,000% liquidation imbalance, the consensus hinges on the possibility of a breakout ahead.
Current State of the XRP Market
Current market data shows that the coin was changing hands for $2.239, up by 3.58% in 24 hours. The coin has changed its fortunes in the past month to start May on a more bullish note. After paring off its 7-day losses, it has maintained a 4.52% growth in the past month.
Data from Cryptorank largely confirmed that the XRP price recorded an average 25% growth rate in May. Over the past three years, the coin has closed the month on a more bullish note and is currently maintaining this trend.
Despite the 2% price drawdown recorded earlier on May 1, the coin remains resilient, potentially invalidating BLOCK BULL’s forecast.
The Ripple Labs Sentiment Anchor
The blockchain payments firm Ripple Labs Inc. has recently been in the news due to its growing M&A activities. CoinGape reported that Ripple bid for Circle in a deal worth $5 billion. However, the stablecoin issuer rejected the offer, stirring speculations in the broader market.
Speculation remains about what the deal and others like it will mean for XRP. Considering the positively reverted regulatory concerns surrounding XRP, these moves from Ripple Labs set the stage for increased adoption of its products, including XRP and RLUSD stablecoin.
The upside for XRP price is tied to a possible breakout in the long term.
The post Here’s Why Top Analyst Warns XRP Price Could Fall to $1.55 appeared first on CoinGape.
