XRP price has continued to retrace again, falling to $2.4 from its one-day high of $2.51. Notably, the recent recovery has fueled hopes among investors towards a potential surge to $3 but the recent retreat amid a broader crypto market downturn has dampened the market sentiment. Amid this, a renowned market analyst has hinted towards a potential crash for Ripple’s native crypto to $1.5 before it could witness a strong reversal.
A Quick Peak At XRP Price Recent Performance
XRP price today was down over 3% to $2.41 while its one-day trading volume was muted at $4.46 billion. Notably, the crypto has touched a 24-hour high and low of $2.51 and $2.38, respectively.
Furthermore, the token’s Relative Strength Index is at 38, indicating that Ripple’s native asset is nearing an oversold condition. This “oversold” indicator usually signals a bullish momentum ahead for the cryptocurrencies.
However, the recent stagnant phase has weighed on the investors’ sentiment. For context, the crypto has touched a local high of $3.39 in January before falling to as low as $1.95 this month. Following that, the crypto has hovered between $2.2 and $2.5 with major positive catalysts failing to boost the price.
Top Expert Predicts Likely Crash For Ripple’s Crypto Price
Amid the gloomy momentum noted in the market, a top market expert CasiTrades has warned of a potential XRP price crash to $1.8, citing ongoing consolidation in the market. The expert predicts one more low before the correction is completed, with key areas to watch between $1.92 and $1.88.
Meanwhile, the expert noted that a breakdown below this level could target support of $1.53, while a break above could target $2.92. The expert notes the market is at a critical juncture, with a decision imminent.
Is XRP Price Recovery To $3 Possible?
Despite XRP price hovering near the $2.4 mark over the past few days, some experts have remained optimistic about the future trajectory of the coin. For context, top market experts have recently revealed key support levels for Ripple’s native crypto, breaking which could trigger a rally to $3 for the crypto.
In addition, the latest market trends for Ripple also indicate a bullish momentum ahead for the crypto. For context, top lawyers have recently revealed that the US SEC might start dropping the crypto cases in the coming months. Having said that, the market speculates over the future of the long-running Ripple Vs SEC case conclusion.
Simultaneously, XRP ETF has gained momentum lately. This investment instrument, if launched, could further boost the crypto’s appeal to traders, which in turn can trigger a strong rally. However, XRP Futures Open Interest was down about 5% in the last 24 hours to $3.55 billion and from $7.8 billion noted in January. This gloomy data also resonates with the crash prediction of the expert in the coming days.
The post XRP Price Risks Falling To $1.5 Before Reversal, Top Expert Predicts appeared first on CoinGape.
