The ongoing crypto money market collapse seems to reinforce the decline of the XRP. Analysts foresee that the asset may experience almost 60 %depreciation. Technical analysis shows that the XRP price has recently become invalid and the new target may be $ 1. According to crypto analyst Ali Martinez, the XRP price is currently a “head and shoulders” formation that is currently in a tendency to decline.
What are the expectations for the XRP price?
On March 4, Martinez said that this formation has started to form as of 20 December 2024 and confirmed the shoulder formation of the last 24 -hour market movements. The head and shoulders formation consists of three peaks: a higher peak (head) and two low peaks (left and right shoulder). The most critical point of this formation is the “neckline” (neckline) determined at $ 2 support level. If XRP falls below this level, the probability of a major decrease increases.
If the XRP decreases below $ 2, a 57 %retreat can be experienced and the price may drop to $ 1. This may lead to erasing important gains in the last few months. On the other hand, XRP experienced a short -term bull rally after President Donald Trump announced the inclusion of Bitcoin (BTC), Ethereum (ETH), Solana (Left) and Cardano (Ada) to the strategic crypto currency reserve. However, on March 3, Martinez said that the asset showed signs of invalidation of the head and shoulders formation and that if this break was realized, the XRP could reach $ 3 levels, and even a new all -time level with $ 5.
XRP whales took action
Despite the volatility in the market, XRP whales maintain their confidence in their assets and accelerate their purchases. According to March 4 data, the Onchain Crypto Money Analysis Platform Santimement reports that these investors receive 1 billion XRP in just 24 hours. Such movements are often seen as a harbinger of a price rally soon.
In addition, anonymous analyst Captain Faibik shared an optimistic expectation by looking at the XRP’s daily graph. In his share on March 4, he said that XRP has a “bull flag” formation with a 100 %increase potential. The analyst said that the price range stuck between falling resistance and rising support may in advance a strong upward movement and that if the upper trend line is broken, XRP may experience an increase between 80 %and 100 %.
SEC Case and the Future of XRP
The future of XRP may also be affected by the case between the ongoing SEC and Ripple. While SEC has ended the cases against other crypto players such as Coinbase, the case for Ripple is expected to end a similar way or result in a friendly solution. This development is seen as a critical factor for the future of XRP.
