- Two popular technical analysts have thrown their hats into the ring about the looming bearish trajectory of the price of XRP in the short term.
- Both suggest a potential dip to $2.65, with one even suggesting a lower drop to $2 if key supports fail to hold.
Two renowned technical analysts have warned about the repercussions of XRP failing to hold above a $3 price in the near term. Both foresee the token’s possible dip to $2.65 if it fails to defend its key support zone.
One Says XRP Price Must Not Close Below $2.90
According to the pseudonymous Egrag Crypto, a popular technical analyst, XRP’s close below $2.90 on a full-body candle within a four-hour frame could mean it is already fulfilling a 5-wave structure within the Elliot Wave. In this case, it could lead prices down to $2.65.
For context, a full-body candle points to a candlestick pattern in the chart where its body (the zone between the open and close prices) is large and the wicks (showing the high and low prices) are little to none. Meanwhile, the Elliot Wave Theory consists of five major points in a price trend where the third wave represents the peak and the fifth shows the end of the cycle, often resulting in a significant price pullback.
The technical analyst claimed XRP must recover $3 to reignite the bullish momentum. From there, the token must surpass the $3.13 to $3.20 resistance areas for more confidence in its upward trajectory. Meanwhile, $3.45 may suggest it could be gearing up for a new all-time high, and $3.65 would confirm the bullish trend.
It’s worth noting that Egrag’s technical analysis is merely grounded on historical data and patterns, which mainly ignore hype or FUD (fear, doubt, uncertainty) narratives. His perspective here displays the volatility inherent in crypto in short-term price movements. Hence, he reminded the crypto community not to lose sight of the macro picture.
Previously, Egrag gave a long-term forecast of $27 to $28 per XRP before 2025 ends based on a monthly ascending triangle formation emulating the 2017-2018 bull cycle.
Another Says XRP Must Keep Its Price Above $3.30
Another well-known technical analyst, Ali Martinez, sounded the alarm about XRP’s possible drop to $2.60 in the near term. What’s worse is that he even indicated a probable dip to $2.
Martinez said XRP must maintain its price above $3.30 to prevent such a scenario. He based his conclusion on the persistent resistance and support areas of the token from the November bull run up to the present.
Another crypto personality often cited by crypto publications, X Finance Bull, chimed in on Martinez’s outlook. He commented that XRP tends to overextend both ways, so it’s worth watching closely where it goes from there.
Reminders
These views are only based on facts gathered from the crypto personalities mentioned. They do not necessarily reflect the views of the author or Blockzeit. Therefore, readers should not construe the information presented in the article as financial advice or endorsement of any investment product without consulting their own financial advisers.
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