Top Analyst Sees Red Flags, Will XRP Price Plunge Below $2 Soon?
- XRP price trades above $2.23 but faces downside risk due to a bearish chart setup.
- A top analyst predicts that the XRP price could fall to $1.55 if it fails to hold the $2.2562 support level.
- The bearish setup reflects a bull flag rejection pattern with a possible 30 percent drop from the current price.
XRP price maintains its resistance at $2.23 as it demonstrates stable performance in the short term within the volatile digital currency marketplace. A major analysts market assessment points to a 30% downward change due to negative chart indicators. The prediction shows that the XRP price may reach $1.55 if its primary support levels fail to hold in the near future.
Analyst Predicts Rejection Amid Bull Flag Breakdown
Based on his analysis, BLOCK BULL spotted a rejection pattern established near the bull flag border on the daily chart. The analysis indicates that the XRP price could fall past $2.2562 and potentially reach $1.55. A price decline of 30% would occur if XRP moves to $1.55 from its present trading area.
Source: X
This pattern indicates that market forces might remove poor investors from XRP before the price rebounds in the upcoming weeks. According to the analyst, a 1,000% liquidation imbalance exists, which increases the short-term trading risks. XRP price rose 3.58% throughout the last 24 hours, yet analysis hints at one upcoming market trend modification.
The XRP trading price stands at $2.239, while the asset maintains a restricted price band between $2.16 and $2.25. Market indecision signs appear in technical indicators, which contradict the lack of volume confirmation for a sustained upward price movement. XRPs price position stays exposed to risk until it maintains a firm place above its strongest resistance barrier.
XRP Price Shows Strong May Performance but Faces Pressure
According to recent monthly documentation, the XRP price increased by 4.52 percent throughout the last thirty days, as April decreases reversed. May usually proves profitable for XRP holders since the coin has registered a 25% average increase during the past three years. Despite the negative impact caused by recent market resistance and analyst warnings, investors might face moderate-term component issues.
When May started, the XRP price dropped 2% but bounced back swiftly before sustaining an upward trading structure. Traders are analyzing whether XRP can surpass $2.2562 to avoid more losses. Maintaining present trends will either confirm or refute the analysts prediction that the price will decrease to $1.55.
X platform users from BLOCK BULL presented the strategy to eliminate smaller market participants. The recent price gains for XRP fail to clarify its forthcoming price movement due to additional market uncertainties. Price direction from current market levels will be established within the forthcoming vital days.
Ripples Activity and Regulatory Climate Shape Outlook
Ripple Labs keeps active by conducting acquisitions to extend its presence in the crypto and payments industries. Internal reports show that the company offered Circle a $5 billion acquisition bid, but the offer was denied. The market reacted to information about Ripples projected expansion, which caused observers to speculate about their future prospects and XRP token price dynamics.
The M&A activities of Ripple demonstrate the companys dedication to increasing usage of its XRP network and RLUSD payment solution. Recent regulatory clarity has improved the XRP price and Ripples operation. These developments might create conditions that could stabilize the XRP price for the mid-term, provided the markets momentum continues to recover.
Related Reading | 500 Million XRP Locked by Ripple: Will it Increase its Price?
Read more: https://www.tronweekly.com/top-analyst-sees-red-flags-will-xrp-price/
Text source: TronWeekly
