XRP, the fourth-largest cryptocurrency by market cap, is currently navigating turbulent waters. With hawkish statements from Federal Reserve Chair Jerome Powell shaking market sentiment, XRP has taken a hit alongside the broader crypto market. But is the skepticism justified, or is this just ānoiseā masking a bullish opportunity? Letās dive in!
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XRPās Price Action: Retesting Key Levels
XRP has dropped nearly double digits in the past 24 hours, trading near the $2.00 mark. However, renowned market analyst Egrag Crypto has reassured the XRP community, labeling the recent pullback as nothing more than a technical retest.
According to Egrag:
XRP is revisiting its December 10 low, where it previously bounced back strongly, closing at $2.3709.
Even if the price dips below $1.90, itās no cause for alarm. Instead, this zone could serve as a launchpad for a potential bullish double bottom formation on higher timeframes.
š” Pro Insight: XRP has a history of forming macro ranges before major breakouts. Egrag predicts that XRP could now range between $2.00 and $2.90, similar to its earlier range of $0.50 to $1.00 before the last explosive move.
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Why XRP May Be the Altcoin to Watch
Crypto analyst DonAlt has declared XRP the ābetter altcoin to playā under current market conditions. He argues that:
The recent market dip has made altcoins attractively cheap, presenting buying opportunities.
XRPās fundamentals and price action suggest a better risk-reward setup compared to other altcoins.
While DonAlt didnāt specify a price target, other experts forecast ambitious levels:
Short-Term Target: $4.60
Long-Term Ambition: $35
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Market Sentiment & Whatās Next for XRP?
At the time of writing, XRP is trading at $2.1780, recovering from a sharp drop to $1.9601. Despite a 10.62% decline over the past week, the asset shows resilience, gaining momentum toward reclaiming higher levels.
š” Key Levels to Watch:
Support: $1.90
Resistance: $2.90
Breakout Zone: Above $2.90
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Is Now the Time to Buy XRP?
Market conditions remain uncertain, but XRPās technical retest and potential double bottom formation present intriguing opportunities. Whether youāre a long-term investor or a short-term trader, XRPās price action suggests a pivotal moment is near.
š¢ Final Thoughts:
Watch for a confirmed bounce above $2.00.
Keep an eye on Bitcoinās price action, as it could dictate broader market trends.
Consider XRP as a key altcoin for portfolio diversification.
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