Cryptocurrency market saw a big drop over the weekend, with Bitcoin hitting $60,979 low.

Ripple (XRP) also faced a 22% loss, its biggest drop since August 2023.

Despite the bearish trend, XRP maintained support above a key level, drawing attention from traders amid market volatility.

The cryptocurrency market has experienced a significant correction over the past weekend, with the industry witnessing high liquidation during this period.

Bitcoin, the market leader, recorded a low of $60,979, highlighting the massive bearish influence currently dominating the crypto space. Ripple (XRP) token was not immune to this downturn, recording a loss of 22% over the past seven days, marking its biggest weekly drop since August 2023.

Despite the bearish pressure, XRP bulls managed to hold the price above a crucial support level, indicating strong resistance at that point. This resilience has caught the attention of market participants, who are closely monitoring XRP’s price action amidst the ongoing market volatility.

Ripple Holds Above Crucial Support 

Ripple started 2024 on a bearish note, recording a correction of 21.10% during the first month. However, after hitting a low of $0.4856, the bulls regained momentum and propelled the price by approximately 50% by March 12th, before facing rejection at the resistance level of $0.7225.

Following this rejection, the bulls lost momentum, and XRP broke down its support level, leading to a period of consolidation between $0.5675 and $0.6710 for about a month. As market volatility intensified, the bulls lost further ground, resulting in a massive drop in XRP’s price.

The recent slaughter in the cryptocurrency industry is thought to have been caused by a number of factors. However, it is believed that the recent market unlocking of millions of XRP tokens is the main cause of the decline in Ripple’s price.

Will XRP Price Ever Go Up?

If the market gains momentum, bulls in XRP should challenge the barrier level of $0.52 this week. If the price stays there, it will provide the conditions for Ripple’s XRP to try attempting its upper resistance level of $0.57 later this week.

However, if the bears continue to dominate the market during the Bitcoin Halving, the XRP token may experience further downside pressure. In this scenario, XRP could break down its crucial support level at $0.4790 and prepare to test the lower support level of $0.42.

On April 1st, 2024, Egrag Crypto, a well-known crypto analyst, posted a tweet about the closing of the XRP Q1 candle. In the tweet, he stated that the “Gate to Valhalla” was above $0.75 and the “Door of ValHell” was below $0.44. He also encouraged the XRP army to “stay steady” and to secure profits if needed.
On April 14th, 2024, Egrag Crypto provided an update to his analysis. In the update, he acknowledged that his prediction of the range that XRP might trade within was accurate, as XRP reached the lower target of $0.44. Egrag Crypto then stated that the next action could send XRP 1000% or 3000% up.
He acknowledged the difficulty for many to understand the market in turbulent times but included a chart to suggest a potential price target between $10 and $22. Egrag Crypto concluded the tweet by encouraging the XRP army to “stay steady” as the next move is “up” and will be “aggressive.”

It should be noted that the future price of XRP, and any other cryptocurrency, is difficult to predict due to high volatility. Investors should always conduct their own research before making any investment decisions.

The chart included in Egrag Crypto’s tweet appears to be a price chart of XRP over time. The chart shows that XRP has been on a downward trend since early 2024. However, the chart also shows some periods of upward movement.
Egrag Crypto’s prediction is based on the idea that XRP will experience a similar price move to what it experienced in the past. This is a common technical analysis technique, but it is not guaranteed to be accurate.
Another Analyst’s View
Egrag Crypto isn’t the only analyst with a bullish outlook for XRP. Mikybull Crypto a well-respected crypto analyst has also pinpointed a significant bullish wave in late 2017 that ultimately led XRP to its all-time high of $3.84 in January 2018.
He highlighted a preliminary phase within the wave, which indicated a pre-bullish trend. This trend later intensified into a powerful bullish movement, though the momentum eventually slowed and transitioned into a consolidation period.
Only time will tell if the various predictions for XRP will come true. Investors should carefully consider their risk tolerance before investing in any cryptocurrency.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.

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