XRP Price Drops Below $2: What’s Happening?
The cryptocurrency market has been facing significant turbulence, with XRP, the fifth-largest cryptocurrency by market value, falling below the crucial $2 price level. Over the past week, XRP has experienced a 7% drop, reflecting cautious sentiment among traders due to heavy selling by large holders, also known as ‘whales.’
Whales have offloaded an astonishing 1.18 billion XRP tokens in just the past four weeks, adding strong downward pressure to XRP’s price. Recent charts also indicate lower highs, signaling short-term weakness.
Key Support and Resistance Levels
Currently, traders are watching critical support levels near $1.88 and a more robust foundation around $1.75. If XRP holds these levels, it may stabilize and recover over time. A breakthrough above the $2 level could drive the price to $2.40 in the near term, signaling a potential upside for short-term investors.
Institutional Interest Remains Strong
Despite its recent decline, institutional investments in XRP remain robust. U.S. spot XRP ETFs have reported 30 consecutive days of inflows, amassing nearly $1.18 billion in total assets by mid-December. This consistent institutional demand indicates confidence in XRP’s long-term potential, even amid market volatility.
Dark Defender’s Bullish Prediction
Renowned crypto analyst Dark Defender, who accurately predicted XRP’s recent dip, signals that the worst may be over. According to him, XRP has completed a correction phase within its Elliot Wave cycle. He anticipates a massive surge of over 200%, potentially taking the price to $5.85 in the coming months.
Dark Defender’s analysis aligns with key support levels and emerging signals of reduced selling pressure. However, if XRP fails to hold the $1.75 support mark, the token could slip down to $1.50.
Long-Term Outlook
Over the long term, experts foresee significant growth for XRP due to increasing institutional adoption, blockchain usage, and the potential approval of new ETFs. Bullish projections suggest XRP might reach $26.50 by 2030 and even soar between $97.50 and $179 by 2040, given its role as a global payment solution. By 2050, XRP has optimistic price range predictions of $219 to $526 if widespread adoption occurs.
Our Recommendation
For those looking to stay ahead in the cryptocurrency market, make sure to follow up-to-date analysis and use the right trading tools. Platforms like Coinbase offer beginners and seasoned traders alike a secure place to trade XRP and other cryptocurrencies.
Whether you’re an investor or a crypto enthusiast, remember to research extensively and watch both support and resistance levels carefully. XRP could be on the brink of significant movements—don’t miss out!
