Amid the bearish sentiment encompassing the crypto market, XRP has experienced a notable drop to the crucial price of $0.51, leading to several analyst predictions regarding the token’s price action.
Can the price of XRP drop to $0.28?
One of the well-known crypto analysts who has done that shared a bold prediction regarding XRP’s price action is JD. JD recently took to social media platform X (formerly Twitter) to share his insights on the crypto asset with the crypto community.
In his projections, the analyst looked at the potential for additional decreases in an attempt to predict where XRP will go next. According to JD, the digital asset could form a “hidden bullish divergence” on a weekly basis.
On the weekly period, JD pointed out that XRP has been trapped in a symmetrical triangular pattern since 2021. The data from its chart indicates that the crypto asset is currently moving towards the lower trendline of the triangle.
JD highlighted an orange box he drew last November that overlaps the lower trend line. The analyst also noted that the orange box is between Fibonacci 0.618 and 0.786.
According to him, the box is a desirable level for a move in dollar-cost averaging (DCA), and a decline in the box is conceivable. He stated that once XRP hits the market, he plans to launch a “buy-the-dip” campaign, “heavy” filling his coffers around $0.28 and $0.33.
He also mentioned several other awards levels for his personal DCA, such as $0.45, $0.51 and $0.59. This simply suggests that the analyst has confidence in the asset over the long term.
The message read:
A fuse in the orange box is very possible. (Orange box has been installed since November 2023). My personal DCA: 0.28 – 0.33 (HEAVY!), 0.45, 0.51, 0.59.
Nevertheless, he has urged the community not to time the bottom and highlighted a signal for investors to buy more XRP. “Time not at the bottom. “When ‘Dumb Money’ complains during the scare, that’s the signal to buy more,” he said.
Floor price for the digital asset
Although the entire crypto market is currently experiencing a bearish trend, XRP is one of the most affected assets. The trend is mainly attributed to the declining enthusiasm around the Bitcoin Spot Exchange-Traded Funds (ETFs).
The token recently suffered severe losses and fell below the $0.55 support level. Due to the trend, analysts are now predicting a significant decline in XRP’s valuation in the coming days.
Another analyst who has done that predicted a decrease in the price of the asset is XRP Shark. According to the analyst, the token could fall to a price level between $0.35 and $0.45.
He believes that the above levels represent the “lower end” of the decline. However, XRP Shark has expressed optimism about the token while noting a “violent” recovery.
At the time of writing, XRP was at $0.5129, showing a decline of 10.27% over the past week. Despite the decline, trading volume has increased by more than 15% in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
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