XRP is trading at the $0.87 level on Thursday and is displaying weak sentiment in the charts. The leading altcoin is already down close to 2% in the day’s trade and is a stone’s throw away from falling below the $1 mark. A dip to this level can lead to negative sentiments, as a bounce-back to $3 from here is a herculean task. Investments could dry up, and only those looking for quick money or short-term gains will take up a chunk of the investments.
XRP To Crash to $0.87 Next: Analyst
Leading pseudonymous cryptocurrency analyst Invest With D, shared a chart on X explaining that XRP has returned to the critical 0.786 Fibonacci support. The analyst stressed that the correction in Ripple’s native token is not over yet and could see further declines. A failure to hold on to these levels can push the leading altcoin below the $1 level to $0.90. Therefore, XRP is now in testing times, and a leg down from here will make it plunge to the $0.90 range.
The analyst predicted that XRP could bottom out at around the $0.87 level. That’s a decline of close to 19% from its current price of $1.08. An investment now in the altcoin could erase a major chunk of a trader’s portfolio. Rising double-digits from here to break even, or make a profit, can take a longer time. This makes investing in XRP currently a risky affair, as the downside is immense and deep. The altcoin can deliver a steep cut, and investments could dry up.
The broader cryptocurrency market is under immense pressure due to the global macroeconomic factors. Bitcoin also fell to a low of $59,000 on Thursday, but managed to recover and head to $61,000. This led to XRP weakening further, as the altcoin moves in tandem with BTC. It is advised to wait for further dips before taking an entry position in the altcoin.
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