Recently, Ripple’s XRP experienced a significant drop of 20% amidst a market downturn that saw the global cryptocurrency market capitalization plummet to around $2.4 trillion. This decline led to substantial liquidations, especially impacting long traders.
Despite the dip in XRP’s price to approximately $0.48, some analysts view this as a buying opportunity rather than a reason for despair. One analyst, EGRAG CRYPTO, believes that XRP dips are meant for buying and not for crying. They argue that XRP has been in a consolidation phase since August 2023, describing it as a healthy formation.
EGRAG CRYPTO remains bullish on XRP, stating that the asset is caught between bullish sentiment and bearish pressure. They suggest that breaking above the major resistance zone of $0.75 could lead to a bullish momentum, pushing the price to the range of $1 to $1.30. Additionally, other analysts like Dark Defender also express optimism about XRP’s future price appreciation.
Mikybull Crypto and the YouTube content creator using the handle D.I.Y Investing have the most bullish predictions for XRP. While Mikybull Crypto believes XRP is gearing up for a rally toward $4, D.I.Y Investing is of the opinion that the token’s price is ready to skyrocket to a new all-time high.
Despite the recent market correction and XRP’s 20% drop, there are several analysts who see this as a buying opportunity. With optimistic predictions indicating a potential bullish outlook for Ripple’s XRP, investors may want to keep a close eye on the asset as it could be heading for a significant appreciation in value in the near future.