Ripple Coin’s May Dip Further To $1 If This Happens

XRP price has slipped more than 5% today, slipping below the $2.2 mark, sparking speculations among investors. With a flurry of investors evaluating the potential future performance of the coins, experts have given mixed predictions, further fueling discussions. Notably, a renowned trader has recently said that Ripple’s coin may crash to $1 while others are offering bullish forecasts despite the recent retreat.

XRP Price Retreat: A Quick Evaluation Of The Current Performance

XRP price today was down more than 5.6% and exchanged hands at $2.19 during writing amid a broader crypto market selloff. Its one-day trading volume was up over 17% to $3.83 and the crypto touched a 24-hour high of $2.36. Besides, XRP Futures Open Interest fell 2% to $3.96 billion, reflecting the gloomy sentiment in the market.

Notably, the crypto has been consolidating between the $2 and $2.5 mark over the last 30 days, while nearing a monthly high of $2.97. However, on the monthly chart, the crypto has lost around 0.5% with its current performance.

Notably, this bearish momentum comes despite a flurry of good news in the market. For context, Gemini co-founder Tyler Winklevoss recently shared a crucial update for the Ripple army. Besides, the US SEC is likely to drop the long-running case against Ripple, which has further bolstered traders’ sentiment.

Expert Predicts XRP Price Crash To $1: Here’s Why

Renowned trader Peter Brandt has sounded the alarm on XRP, warning of a potential price crash to $1.07 if Ripple’s coin fails to hold above a crucial support level. Brandt, a veteran analyst with decades of experience, identified a textbook Head and Shoulder (H&S) pattern forming on XRP’s chart.

According to Brandt, XRP is currently range-bound, and a break below $1.9 could trigger a sharp decline. He advised against holding XRP below this level, citing the H&S pattern’s projection of $1.07. However, Brandt noted that a breakout of the $3 mark could invalidate the bearish scenario.

Meanwhile, this also comes as Brandt recently hinted towards a potential BTC price crash to $70K. This has further fueled concerns among investors, as the altcoins often tend to follow Bitcoin’s path.

Other Experts Remain Bullish On Ripple’s Coin Future

Despite the recent dip and bearish prediction from Peter Brandt, a flurry of experts has remained bullish on the future trajectory of XRP price. Renowned analyst CryptoELITES reaffirmed a $15 target for Ripple’s native asset, citing his prior 600% gain since its initial prediction when XRP traded at $0.50.

Another expert Dark Defender also echoed this bullish sentiment, highlighting a clear upward momentum on the 3-month time frame chart. He predicted a 3rd wave targeting $5.85-$8.076 and a 5th wave potentially reaching $18.22-$23.20. Additionally, Dark Defender identified a bullish rectangle pattern, suggesting new all-time highs on the horizon.

Meanwhile, in the short term, EGRAG CRYPTO forecasts a potential “inverse head and shoulders” pattern, with a measured move targeting $3.7-$3.9. These expert predictions, in contrast to Peter Brandt’s recent forecast, have helped offset some concerns of the investors regarding the XRP price future.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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.