Ripple’s XRP Plunged to 14-Month Low: What’s Good, What’s Bad, and What’s Next
Saturday brought untypical volatility in the cryptocurrency markets, which, this time, was favorable for the bears as all digital assets turned red with substantial daily losses.
Ripple’s XRP was not spared as it plunged to its lowest position since November 2024 (on most exchanges) at just over $1.50. It has rebounded slightly since then and now sits above $1.60, but the overall sentiment continues to be highly bearish.
CryptoWZRD, for example, outlined the token’s bearish closure against the greeback. However, the analyst with over 100,000 followers on X outlined the first positive news for XRP in a while – the closure against BTC.
They noted that the XRP/BTC pair closed with a “dragonfly doji,” which is generally considered a bullish move.
ERGAG CRYPTO, among the most vocal proponents of Ripple’s cross-border token, outlined several different paths for XRP going forward. They believe the flash crash on Saturday was likely a liquidity grab that could result in an immediate bounce.
However, there’s also the chance for a dead-cat bounce that could lead to another retracement, which would be a second liquidity grab. If history rhymes, though, the analyst envisions a massive rally in the following months of up to 1,600% as it happened after a similar structure formed in the 2017 cycle.
If such a run indeed transpires now, XRP could skyrocket to well within double-digit price territory, which appears rather unthinkable at the moment, but the asset has proven in the past that it’s capable of similar rallies.
The post Ripple’s XRP Plunged to 14-Month Low: What’s Good, What’s Bad, and What’s Next appeared first on CryptoPotato.
You May Also Like
Regulatory Clarity Relief, On-Chain Stress, Cautious Price Action
Vaadin Launches Swing Modernization Toolkit, Enabling Java Teams to Run Desktop Applications in the Browser
