The well-known market analyst, The Block Bull, has warned that XRP might experience a big decline in the next few weeks. After reaching a high of $2.90 this December, XRP quickly lost its upward momentum. Meanwhile, the asset appears to have entered a correction phase, signaling a further price drop to $1.50 and even more.
XRP Price To Hit Hard
The Block Bull thinks XRP’s downward trend might already be starting. On December 12, XRP’s price dropped by 2.34%, ending a small winning streak. While XRP has shown some signs of strength since then, the analyst believes the coin could drop to $1.50 by next week.
Even this level might not hold. If XRP fails to stay above $1.50, it could fall even further to $0.50, possibly around the coming holiday season. XRP struggled at $0.50 for a long time before finally breaking past it in late 2024.
In addition to this Coinpedia reported that 39.43 million XRP tokens, worth $95.5 million, were moved to Coinbase. This follows concerns over crypto whales dumping nearly $100 million worth of XRP, which could affect its price.
Why Is XRP Struggling?
Despite a big 105% rally over the past eight days, the coin dropped sharply due to the overall weak condition of the crypto market.
Bitcoin’s struggle to stay above $100,000 is a big factor, and it has caused uncertainty across the market. Because of this, XRP has had trouble moving higher and is stuck in a range.
The analyst believes that if XRP can’t break out of this phase, the situation could get worse. However, the mid-term outlook for XRP remains bearish, with the possibility of the coin returning to its November lows.
A Ray Of Hope!
The recent sell-off has led to over $1 billion in liquidations, as many highly leveraged positions are being wiped out. While this has pushed XRP’s price down further, it also indicates that much of the speculative excess is being cleared.
Despite this negative outlook, some XRP supporters remain hopeful, pointing to Ripple’s upcoming RLUSD stablecoin launch and better regulatory conditions under the new U.S. administration.
As of now, XRP price is trading around $2.34, reflecting a drop of 4% seen in the last 24 hours with the market cap hitting $132.93 billion.
