Crypto analyst Dark Defender has revealed his XRP price prediction, as he explained why the crypto could drop to as low as $2.81 before it rebounds to $3.67. This comes amid the bearish sentiment in the broader crypto market, which has also led to a downtrend for XRP.
XRP Price Prediction: A Drop Before To $2.81 Before A Rally To $3.67
In an X post, Dark Defender predicted that the XRP price could drop to as low as $2.81 before it then rebounds to $3.67. Based on the analyst’s accompanying chart, this price decline will happen as part of the C wave corrective move to the downside.
The analyst noted that the possibility of the XRP dropping to the $2.81 level came following the expansion of the C wave. However, he suggested there was no need to panic, stating that corrections are a “must and normal.”
Based on the chart, the XRP price will rebound to $3.62 after this regular C wave. Interestingly, there is also the possibility of an XRP rebound to as high as $4, marking a new all-time high (ATH) for the crypto.
XRP has already witnessed a significant price correction today due to the widespread crypto market crash. However, like Dark Defender, crypto analyst Egrag Crypto has suggested that there is no need to panic. In an X post, he stated that the bearish sentiment is just market noise and that the macro trend remains bullish.
Important For XRP To Stay Above $2.7
Crypto analyst CasiTrades suggested that it is important for the XRP price to stay above the $2.7 level, which happens to be the 0.5 retracement level. In an X post, the analyst noted that XRP broke significantly below its bottom trendline, triggering a sharp drop to this retracement level for the large Wave 4.
CasiTrades further remarked that this is a critical support level to maintain the Wave 5 new highs. Although there was a wick below this XRP price level, the crypto analyst added that she isn’t considering it an invalidation just yet. According to her, true invalidation would come with closes below $2.60.
Meanwhile, she revealed that the new Wave 5 targets are $3.58, the Fib .618 extension level,, and $4.15, the extended target. CasiTrades also suggested that XRP’s next move could depend on the Bitcoin price.
Fundamentals Remain Bullish
From a fundamental perspective, the XRP price undoubtedly remains bullish. Ripple secured money transmitter licenses in New York and Texas, which could boost the crypto’s adoption.
The crypto firm also announced that it double its payment volume to $70 billion in 2024. This indicates that XRP is gaining more adoption, which is bullish for its price in the long term.
The post XRP Price Prediction: Here’s What Could Happen Before XRP Rallies To $3.67 appeared first on CoinGape.
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