XRP’s price took a bit of a tumble recently, dropping almost 6% in a single day. This sent it close to a key support level around $2, and things are looking a little bearish right now. But don’t count XRP out just yet!
A Bullish Prediction
One analyst, Dark Defender, is still super optimistic about XRP’s future. He believes it’s poised for a big jump.
Key Level to Watch: $2.222
Defender points out that XRP has hit its lowest Fibonacci level after the recent price drop. He sees this as a potential turning point. He’s especially focused on $2.222 as a crucial resistance level. Breaking above that could trigger a significant price increase. At the time of his prediction, XRP was trading around $2.18, having bounced back from a rejection at $2.46.
Possible Further Dip?
However, Defender acknowledges that XRP might dip a little further, potentially down to $2.04 (another key Fibonacci level). Whether it holds at this level or breaks through will be crucial for determining the short-term price movement.
The $5-$8 Prediction Remains
Despite the current downturn, Defender is sticking to his prediction of XRP reaching between $5 and $8. He links this to the completion of the fifth wave in his Elliott Wave analysis. He thinks April and May could be huge months for XRP, even though most traders are currently bearish.
Bearish Sentiment? Maybe a Good Thing!
The crypto market’s Fear and Greed Index is currently showing extreme fear (only at 24). Interestingly, Defender sees this widespread bearish sentiment (around 90% of traders are bearish) as a positive sign – suggesting a potential surprise rally could be on the horizon.
Current Status
At the time of writing, XRP is trading around $2.05, down about 6% in the last 24 hours and over 15% in the past week. Trading volume is also down.
