Ripple’s native token, XRP Coin, fell sharply along with the rest of the market today. Thus, XRP hit the lowest level of the last two weeks, below $ 2.7. While this is a big move in itself, the tightening Bollinger Bands indicate that XRP may face another move soon.
XRP Coin has seen a strong increase in the last three months!
cryptokoin.comAs you follow from , Ripple’s native token, XRP Coin, became one of the best performers in the entire crypto market following the US elections. Recent speculations about its potential inclusion in the US digital asset reserve also contributed to this increase. XRP Coin rose from below $0.6 in early November to $3.4 in January.
This coincided with the all-time high in 2018, which was the peak of the cycle. However, XRP Coin failed to surpass this. Over the next few weeks it started to lose traction. XRP fell to $3.15 over the weekend. But at this point the situation has gotten worse for the entire crypto market.
Ali Martinez predicts significant price movement for XRP Coin!
Bitcoin’s price dropped below $100,000 for the first time in a week. XRP also got its share of this. The third-largest crypto asset fell from $3.15 to a one-week low of $2.66 (on Bitstamp) before recovering to $2.8. Thus, the intraday low marked a decline of 15%. While this seems like a significant move, Ali Martinez warned that the Bollinger Bands are stuck on XRP’s daily chart, which could lead to another “significant price movement.”
What’s next for XRP?
Evaluating the upcoming potential movements of XRP, analyst Jason Pizzino stated that the next support lines are at $ 2.3 and $ 2.5. The analyst said, “The daily close for the token should be above the previous swing high of $2.9. This could prevent a price drop to these levels. However, this is not the case right now.” he said.
However, most analysts remain bullish on XRP’s long-term potential. Analyst nicknamed Rob Art said that XRP recently broke out of a 7-year triangle and will continue its rally soon. However, he stated that this will happen only after shaking off all the emotional buyers and sellers. “From now on, it will send XRP turbo higher,” the analyst said. he said. Crypto Bitlord also shared a similar view, suggesting that XRP will “experience a vertical black swan.”
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