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XRP price continues to record a steady downtrend after falling by more than 4% in the last 24 hours. Despite this decline, Ripple continues to defend the critical support level at $2. Analysts forecast that as long as this support holds, XRP price could soon rally by 600% to $15.
Analyst Forecasts 600% XRP Price Rally to $15
Popular analyst Crypto Elites believes that XRP price could be on the verge of a 600% rally to $15. The analyst observed that Ripple had formed a rounding bottom pattern, which often signals that the trend is about to shift to bullish.
By defending the support level at $2, XRP price is also retesting the neckline of the rounding bottom. If this level holds, the token is bound to make a massive 600% rally to $15. At this point, Ripple will have attained a market cap of nearly $1 trillion, which will see XRP rival Ethereum and Bitcoin in market dominance.
Besides the bullish XRP price prediction by analysts, other signals have emerged suggesting that despite the recent downtrend, Ripple still has a bullish outlook. Crypto influencer John Squire noted that recently, one whale moved 8M XRP to an external wallet, hinting at a lack of intent to sell.
Moreover, digital assets manager Grayscale has revealed that XRP price has the highest year-to-date returns among the top ten largest cryptos. This could bolster investor confidence in Ripple being a high-potential crypto to buy.
Bearish Case for Ripple Price
Despite the bullish forecast for XRP by analysts, several factors suggest that the price is not out of the woods yet. One of these factors is a bearish outlook in the derivatives market.
Data from Coinglass shows that XRP funding rates have turned negative, which is indicative of more short sellers entering the market. This influx in the number of traders betting against Ripple price as they expect it to drop.
Besides the funding rates, the XRP 4-hour price chart shows that sellers are in control. The RSI has plummeted to 25, which signals that the token is heavily oversold. The ADX line is also rising, an indication that the current bearish trend is strong.
If the negative sentiment continues, Ripple price can lose the critical support level at $2. This could spark a dip towards the $1.81 Fibonacci level.
To sum up, XRP price seems to be at a pivotal point where bulls and bears are fighting to have control. As long as Ripple can defend levels above $2, it has a chance to make a rebound, However. If this support fails to hold as selling intensifies, a crash to $1 is likely to happen.
Frequently Asked Questions (FAQs)
XRP price can rally to $15 after an analyst observed that it had completed a rounding bottom pattern. However, this rally will depend on buying activity.
One large address has moved 8M XRP tokens to an external wallet. This move indicates that some large addresses are buying the dip.
The intense selling activity around Ripple suggests that this altcoin can lose the support level at $2. Losing this support could cause further dips.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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