This Crypto Analyst Correctly Predicted XRP Price Crash Below $2, Here’s The Rest Of The Forecast

Scott Matherson

4 months ago

4 mins read

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A new XRP price forecast has emerged, offering insights into the cryptocurrency’s next bearish move. A crypto analyst who previously predicted XRP‘s crash below $2 has provided a more comprehensive outlook, outlining key support and resistance areas that will determine XRP’s next target.

According to TradingView crypto analyst, ‘MMBTrader,’ the XRP price is set to dump below the $2 threshold. As of writing, CoinMarketCap reports that XRP is trading at $2.2, reflecting a modest 3% increase in value in the last 24 hours.

XRP Price Projected To Crash To $1.5

Notably, the cryptocurrency is gradually giving up gains, negatively impacted by the broader market downtrend and lack of bullish drivers. MMBTrader has shared a technical chart supporting his bearish prediction for the XRP price.

The TradingView crypto expert has identified a Head and Shoulder pattern on the XRP daily chart, consisting of three peaks: left shoulder, head, and right shoulder. Typically, a classic Head and Shoulder pattern is considered one of the most common indicators of a potential price breakdown, with the price of a cryptocurrency expected to reverse from bullish to bearish.

XRP — Further decline ahead | Source: MMTrader on Tradingview

Looking at the price chart, a break below the pattern’s neckline around the $1.95 price point would confirm XRP’s bearish position. If the cryptocurrency fails to hold the $1.95 support level, a sharp drop, possibly up to 50%, is expected. This massive crash would effectively place the price around the $1.5 level or even as low as $1.2.

While he expects a possible crash to $1.5, MMBTrader also projects an alternative bullish scenario in which the XRP price initiates a strong rebound. The analyst revealed that if the cryptocurrency consolidates near $2 without breaking lower, then a bounce to new highs could follow.

Additionally, the TradingView expert believes that the asset could also experience a significant rally toward $5 after its projected 50% price crash. He highlights that if XRP can hold the support level near $1.5, then a strong reversal could occur, potentially triggering a bullish move between $4 and $4.5.

Whales Scoop Up $385 Million Amid Market Downtrend

While XRP experiences slow momentum due to the market’s recent decline, whales are seizing the opportunity to buy the dip, accumulating a significant amount of the token. According to crypto analyst Brett, an XRP whale has executed a large-scale transaction, buying over 167 million XRP, valued at $368.4 million, in a single purchase.

Brett revealed that this whale purchase was made as the market panicked over increasing volatility and price declines. Over the past few weeks, XRP has struggled to recover from bearish trends, joining the ranks of top cryptocurrencies like Bitcoin and Ethereum, which recorded a major price crash earlier in February.

CoinMarketCap’s data shows that the the altcoin’s price has fallen by 11.6% in just one week. This decline comes as the broader crypto market faces massive liquidations totaling hundreds of millions of dollars.

XRP trading at $2.2 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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