Franklin

April

<a href="https://bitcoinist.com/top-10-xrp-wallets-11-supply/" rel="nofollow">XRP holders</a> may have to deal with <a href="https://bitcoinist.com/xrp-price-action-legal-expert/" rel="nofollow">more price declines</a> from the crypto token if this crypto analyst’s recent analysis is anything to go by. This bearish analysis comes amidst <a href="https://bitcoinist.com/parabolic-breakout-xrp-price/" rel="nofollow">several other predictions</a> that have <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-800-5-90-days/">painted bullish narratives</a> for the crypto token.&nbsp; 
<h2 id="xrp-could-drop-to-as-low-as-0-34">XRP Could Drop To As Low As $0.34</h2> 
<a href="https://bitcoinist.com/crypto-trader-cautions-on-dogecoin-competitor-optimism-and-borroe-finance-attract-expanding-interest/" rel="nofollow">Crypto analyst Ali Martinez</a> highlighted how a possible XRP sell-off could trigger a price decline to $0.34. As part of his analysis, he stated that XRP was currently “grappling” to maintain its footing at the <a href="https://bitcoinist.com/crypto-analyst-predicts-pullback-for-xrp-price/" rel="nofollow">crucial $0.55 support level</a>. The token’s failure to hold that level will be what leads to the sell-off scenario.&nbsp; 
From the accompanying chart that Martinez shared, it was indeed evident that XRP was struggling to hold above the $0.55 level. A potential drop to $0.34 will see the crypto token drop to a price level that it hasn’t come close to since around April 2023. <a href="https://bitcoinist.com/39000-xrp-price-to-hit-220/" rel="nofollow">Crypto analyst Egrag Crypto</a> also <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-800-5-90-days/">noted</a> how critical the $0.55 level was, labeling it as a “significant support for XRP.” 
Related Reading: <a href="https://www.newsbtc.com/news/solana/franklin-templeton-solana-etf/">Trillion-Dollar Franklin Templeton Shares High Praise For Solana, Is A SOL ETF Coming?</a> 
However, he had shown optimism that any price drop wasn’t going to be as bad as Martinez suggested by stating that he didn’t see the <a href="https://bitcoinist.com/xrp-god-candle-is-coming/" rel="nofollow">weekly candle</a> closing below the $0.50 level. In fact, instead of anticipating any price decline, the analyst remarked that he was choosing to <a href="https://www.newsbtc.com/analysis/xrp/xrp-bull-run-bull-flag-formed/">focus on the bigger picture</a>. 
<h2 id="what-the-bigger-picture-is">What The Bigger Picture Is</h2> 
According to Egrag Crypto, XRP is going to rise to $5 in less than <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-800-5-90-days/">90 days from now</a>. The analyst still alluded to this prediction in a more recent <a href="https://x.com/egragcrypto/status/1748261147923427665?s=20" rel="nofollow">X post</a>. While laying out three possible scenarios for XRP’s price, he stated that the market makers may “engineer an independent surge” that could propel XRP to this price level.&nbsp; 
Egrag had also <a href="https://www.newsbtc.com/analysis/xrp/crypto-4400-xrp-price-27/#:~:text=Crypto%20Analyst%20Predicts%204400%25%20XRP%20Price%20Surge%20To%20%2427%2C%20Here's%20When,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20Egrag%20Crypto%20continues,this%20is%20a%20real%20possibility.">previously mentioned</a> that the altcoin could rise to as high as $27. He believes this price level is attainable based on the fact that XRP, back in 2017, surged by <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-61000-surge-analyst/#:~:text=XRP%20Price%20Repeating%2061%2C000%25%20Move%20Will%20Be%20Harder&amp;text=The%20crypto%20token%20is%20said,%E2%80%9Creal%2Dworld%20utility.%E2%80%9D">61,000% in 280 days</a>. This was something he emphasized once again in his latest post, noting that a 50% drop remains a “plausible scenario” as XRP tries to replicate that percentage move from 2017.&nbsp; 
While a significant price drop remains a huge possibility, Egrag believes that it also represents a “generational buying opportunity.” The analyst has continued to urge XRP holders to remain patient, especially if they hope to make the most gains from their XRP holdings, with Egrag <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-rise-390000-to-2500/#:~:text=Holders%20Need%20To%20Be%20More,gain%20for%20investors%20by%202029.">once analyzing</a> how the token will rise to $2,500 by 2029.&nbsp; 
In the meantime, those invested in the token will hope that Martinez’ prediction doesn’t come true, seeing that XRP has already dropped below $0.55. At the time of writing, XRP is trading at $0.54, down by over 3% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/xrp/" rel="nofollow">data</a> from CoinMarketCap. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/Z6FYDx9A/" alt="XRP price chart from Tradingview.com (Ripple)" width="3266" height="1530">

More Pain To Come: Crypto Analyst Predicts Massive XRP Crash To $0.34

Table of Contents

NewsBTC

Other articles published on Jan 19, 2024

Nuvo Unveils Nuscription: Revolutionizing Blockchain Trading

Bitcoin slides 15% as GBTC investors exit post-ETF launch

Top Cryptos Under $1: ADA, XRP, NUGX, and WIF

Arbitrum Price Prediction As ARB Holds Strong Above $1.74, Eyeing Next Breakout

Amazon Web Services to Invest $13.5 Billion in Japan to Enhance Cloud Infrastructure

South Korea’s presidential office pushes for local spot Bitcoin ETF approval amid regulatory debate

Join our free newsletter for daily crypto updates!