XRP’s price has been a bit of a rollercoaster lately. It’s been struggling to break above $2.20, recently dipping as low as $2.10. While the overall crypto market is pretty calm, there’s a chance XRP could take a serious dive.
Technical Analysis Suggests Potential Crash
Technical analysis suggests XRP is stuck between resistance and support levels. The $2.13 mark is acting as a temporary floor, but above that, the $2.58 resistance is proving tough to crack. A break above $2.58 would be bullish, but for now, it’s not looking likely.
If XRP breaks below $2.00, a drop to $0.93 is a real possibility. However, there are potential support levels around $1.70 and $1.42 that could slow down the fall. These levels are considered good buying opportunities by some analysts. Historically, these price points have seen buying activity.
Strong Fundamentals vs. Short-Term Bearishness
Despite the technical concerns, XRP’s fundamentals are actually pretty strong. The Ripple/SEC settlement cleared up a lot of regulatory uncertainty, confirming XRP isn’t a security for retail investors. This is attracting institutional interest, especially with the potential approval of a Spot XRP ETF. Several companies have applied, and analysts predict a decision by the end of the year, with a high probability of approval in 2025.
Ripple is also improving the XRP Ledger (XRPL) to make it more appealing to banks and businesses.
Potential for Big Gains…Eventually
If things go well, XRP could see some serious price increases. Short-term targets could be around $2.85, with potential for $5.50 by the end of the year, and even $10-$20 by 2030.
However, even strong fundamentals can’t always prevent short-term price corrections, especially in the volatile crypto market. A technical breakdown could easily overshadow positive news, leading to a potential crash to $0.93.
Current Price: At the time of writing, XRP is trading around $2.18.