Ripple's XRP Experiences 20% Drop, Analysts Predict Bullish Outlook
According to CryptoPotato, Ripple's #xrp experienced a 20% drop following a market downturn. Despite this, some analysts view this as a buying opportunity and predict a bullish outlook for the asset, with potential significant appreciation in its value expected soon. The cryptocurrency sector underwent a substantial correction on April 14, with its global market capitalization dropping to approximately $2.4 trillion. This adverse trend resulted in multi-million liquidations, primarily affecting long traders. Ripple's XRP was among the significant losers in the past week, plummeting by 20% to around $0.48.
However, some analysts remain unfazed, viewing this as a buy-the-dip opportunity. One such analyst is EGRAG CRYPTO, who stated that 'XRP dips for buying, not for crying.' Several hours before the market decline, the analyst argued that Ripple's native token 'finds itself in a unique position, caught between bullish sentiment and bearish pressure.' EGRAG CRYPTO believes the asset has been in a consolidation phase since August 2023, describing it as 'a healthy formation.' 'Stay steady, XRP is poised to ignite like a rocket,' the analyst concluded.
EGRAG CRYPTO suggested earlier this week that XRP's price trajectory has formed a so-called 'three camel humps.' In their view, breaking above the major resistance zone of $0.75 may lead to a 'bullish momentum' and an eventual rise to the range of $1-$1.30. Another analyst, Dark Defender, was optimistic, maintaining that XRP reached a 'bouncing point' and forecasting that it 'will definitely appreciate against BTC very soon.' The most bullish predictions came from Mikybull Crypto and a YouTube content creator, D.I.Y Investing. The former argued that XRP is gearing up for a rally toward $4, while the latter believes the token's price is ready to skyrocket to a new all-time high.
Ripple
Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
