Weakness in Ripple’s native token XRP is rising, with limited upside growth potential in the charts. Chances of the altcoin plunging below the $1 level are surging due to weak macroeconomic effects. An entry position in XRP at these levels comes with a tinge of risk, as it can erase an investor’s portfolio.
Analyst Projects Ripple XRP At Risk of Falling to $0.87
Leading cryptocurrency analyst CasiTrades took to X, sharing a chart showing lower support levels. She explained that short-term price supports are getting cut short around the .382 retracement. This highlights that sellers are still in control, which can negatively affect Ripple XRP’s price.
While Ripple XRP is trying to hold on to the $1.30 range, a leg down from here can take its price to $1.09 and $1.06. This comes with aggressive selling, as traders are skeptical about the economy due to the Middle East conflict and rising oil prices. A slide from here could make a quick recovery impossible and test investors’ patience.
Also Read: XRP Gains With Positive ETF Inflows, Bitcoin, Ethereum Lose Out
Once the altcoin falls to the $1.09 and $1.06 level, the fall to $0.87 would be quick and aggressive. Ripple’s XRP has remained rangebound for close to a week now, making a slide in the charts riskier. “Right now, price is trying to hold around $1.31, but this level is a future resistance point (W4 extreme). It makes sense we’re stalling here. Once this level breaks, the move down could be fast and aggressive,” wrote the analyst.
The leading altcoin is currently trading at the $1.30 range and has slid nearly 13% in two weeks. The broader cryptocurrency market is on its toes with the Middle East conflict refusing to end. Bitcoin is trading at the $68,000 range and is struggling to climb above $75,000. If Bitcoin heads south, Ripple’s XRP would also slide in the indices faster.
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