|
Getting your Trinity Audio player ready...
|
XRP slipped below the key $3 mark on Monday, intensifying concerns about further downside. The cryptocurrency, currently the third-largest by market capitalization, recorded a 5% decline in the past 24 hours as the broader crypto market lost nearly 3% of its total value.
Analyst Predicts XRP Could Fall to $2.60 or Lower
Market analyst Ali Martinez cautioned on X (formerly Twitter) that XRP may extend its decline to $2.60 or even $2 if bearish momentum continues. His warning follows heightened volatility and weak trading sentiment across major altcoins.
On-chain data adds weight to the outlook. Whale activity on Binance has shown a surge in large-scale XRP transfers to exchanges, signaling increased sell pressure that could drive prices lower in the short term.
Adoption News Supports Long-Term Outlook
Despite the bearish signals, developments on the adoption front remain promising. Imagen Network announced it will integrate XRP for instant settlements, providing creators with faster and more reliable payments. The move highlights XRP’s expanding role in the digital economy and strengthens its case as a global settlement asset.
Market research platform Galaxy also framed the decline as part of a healthy structure. The firm noted XRP’s breakout from a 2,500-day consolidation triangle, suggesting the token could continue consolidating near $3 before any decisive upward move.
Key Technical Levels to Watch
Technical indicators show mixed signals. On the daily chart, XRP’s RSI is neutral to weak, while Bollinger Bands suggest the token is testing lower levels around $2.95. Analysts note that reclaiming the $3.20 resistance is critical to restoring bullish momentum.
Meanwhile, traders should watch for support at $2.80, with deeper demand zones near $2.60 if selling accelerates. Currently, XRP trades around 22% below its 2018 all-time high of $3.84.
Short-Term Pressure, Long-Term Potential
Although short-term risks remain elevated, XRP’s long-term prospects are bolstered by adoption initiatives and the resolution of Ripple’s high-profile SEC lawsuit. Analysts argue the token could emerge as one of the strongest performers of this cycle, with potential to surpass its previous all-time high.
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
