XRP Faces Critical Test: Experts Eye $70 Target Despite Drop
- XRP is trading at $2.30, down 5.15% in 24 hours but up 4% in the past week, with a trading volume of $3.4 billion.
- Market watchers are considering both short-term volatility and a long-term potential surge, with predictions targeting levels between $33 and $70.
XRP is experiencing mixed action and trades at $2.32 currently after a 3.15% drop in the past 24 hours. For the past week, the asset recorded a 9% increase, reflecting resilience in the face of near-term pressures. Trading volume also dropped by 19%, currently at $3.4 billion, reflecting reduced market participation.
The recent movement in the price has brought forth debate from analysts in the market with most interpreting its direction. While the near term appears challenging, some believe the cryptocurrencys long-term remains in place.
Among those who have made such daring predictions include EGRAG CRYPTO, who just made a prediction on XRPs price cycle. Based on his observation, the asset operates on a cycle that might result in huge price levels in the future.
Price Levels to Watch as XRP Tests Key Resistance
XRP is currently in a price channel that will determine its direction from here, according to the analysis by EGRAG CRYPTO. He describes how the asset sits at a level where it must close above $2.83 in order to indicate strength.
Should this be attained, this might lead to a resurgence towards $4.20 in the near term. If XRP fails to hold above current levels, however, it might test support levels below.
Key levels include $2.40 as the previous days high and $2.97 as the weeks high. These are watched closely as holding above them might sustain a bullish structure.
At the same time, a fall below $2.30 would indicate persistent bearish pressure and subsequent falls toward Fibonacci levels acting as support points.
XRPs Long-Term Target Could See a Massive Upswing
Aside from the near-future price fluctuations, EGRAG CRYPTO had forecast a longer-term scenario with XRP between $33 and $70. This prediction comes as a result of a cycle-based approach considering past trends and percentage-based estimates.
He believes the present phase of XRP follows the trends of previous cycles and the next big upswing could occur in the future.
The approach to this potential rise involves significant steps including market cycle analysis and mathematical modeling in order to forecast targets for the price. Short-term volatility can remain a problem, but those who are optimistic on XRPs prospects consider this to be an essential phase before a larger movement.
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Read more: https://www.tronweekly.com/xrp-faces-critical-test-experts-eye-70-target/
Text source: TronWeekly
