XRP, the native token of the Ripple network, has been facing significant turbulence in recent weeks. As market uncertainty continues to shake the broader cryptocurrency landscape, The Block Bull, a respected market analyst, has shared a bearish outlook for XRP. According to the analyst, XRP could plummet to its November lows, potentially dropping to as low as $1.5 by next week.
The pessimistic prediction stems from XRP’s failure to break free from its current consolidation phase. After reaching a seven-year high of $2.9 on December 3—following an impressive 105% rally within just eight days—XRP encountered significant resistance, leading to a sharp price drop. Although the coin has recovered somewhat from this decline, it has struggled to regain its previous peak, now fluctuating between $2 and $2.5, with occasional dips below the $2 mark.
This bearish sentiment is not isolated to XRP alone. The broader cryptocurrency market, notably Bitcoin (BTC), has also experienced volatility, with the flagship cryptocurrency unable to maintain a firm hold above the $100,000 mark. This overall market instability is contributing to the negative price action surrounding XRP.
The Block Bull’s analysis suggests that XRP could see further declines starting soon. After closing the day with a 2.34% drop on December 12, the asset’s momentum appears to have shifted. While XRP showed slight resilience the following morning, trading flat, the analyst forecasts a potential crash to $1.5, a level the coin has not revisited since November 29.
My theory is XRP is done with its consolidation from tomorrow and will begin its descent.
— 📈BLOCK BULL📈 (@TheBlockBull) December 12, 2024
Bitcoin will correct 30-35% from 19th December.
I wouldn’t be surprised if $XRP is $1.50 next week and then eventually 50cent between Xmas and new year.
A critical support level for XRP is identified at $2.2. If the altcoin loses this support, there are no significant defenses until $1.5, which itself is a fragile level. The Block Bull’s warning is clear: a break below $2.2 could trigger a steep downtrend, potentially pushing XRP toward the $0.5 mark by year-end, which would represent a 79% drop from its current price of $2.34.
Price to look out for with $XRP is $2.20. Below that there is literally no support besides a small shelf around $1.50 which wont hold very well
— 📈BLOCK BULL📈 (@TheBlockBull) December 12, 2024
Despite these bearish predictions, many XRP proponents remain optimistic. They point to Ripple’s upcoming RLUSD stablecoin launch and potential shifts in the regulatory landscape, especially with the incoming Donald Trump administration. Whether XRP will manage to weather the storm or succumb to the predicted decline remains to be seen, but investors are certainly watching the next few weeks closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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