XRP Price Crash to $0.8? Analyst Sparks Concern With This Prediction

XRP price recorded a slump of over 2% today, sparking concerns among investors about whether the bullish momentum is fading.

Notably, the dip came amid a broader crypto market retreat, with BTC price falling nearly 1% and top altcoins like BNB, SOL, DOGE, and others losing between 3% to 5%.

Amid this, a renowned expert in the XRP community said that Ripple’s coin risks falling to below $1, which has further dampened investors’ sentiment.

Although his prediction is based on the “cyclical” nature of the market, it has forced some market participants to stay on the sidelines.

Meanwhile, in other XRP news, the derivatives data also paints a gloomy picture, indicating a bearish sentiment among retail traders.

However, despite that, the latest data showed that the whales or large investors are still betting heavily on XRP’s future potential, indicating their confidence in the asset.

Amid the ongoing dip, analyst EGRAG CRYPTO has further fueled concerns with a prediction that Ripple’s coin could potentially drop below $1. According to the expert, XRP price risks falling to $0.80-$1.30 in the next bear market.

The forecast is based on the historical trends and cyclical nature of the market, drawing parallels with the 2017 bear market.

Using the symmetrical triangle measured move, the analyst predicts a potential 97% drop from the $27 cycle, which could take XRP’s price to $0.80.

Alternatively, if the measured move is based on the middle of the symmetrical triangle, positioning XRP around $9, a similar bear market decline of 85% could see the price dip to approximately $1.30.

The analyst’s prediction has forced some market participants to adopt a wait-and-watch approach.

While some XRP enthusiasts might argue that the crypto could avoid a bear market due to various reasons, EGRAG CRYPTO remains committed to its prediction, citing the market’s cyclical nature.

However, it’s worth noting that his prediction also suggests that XRP has more space to grow in the ongoing bull cycle.

In other words, his prediction showed that XRP price might hit $9 or even $27 in the ongoing bull run.

XRP Price Slips 2%: Here’s Key Levels to Watch

XRP price has lost around 2.9% and traded at $3.07, extending its weekly losses to 8.35%. Despite that, the crypto has offered a robust gain of over 40% in the monthly chart.

However, CoinGlass data showed that XRP Futures Open Interest fell 6% to $8.38 billion. This suggests that the market sentiment is fading on the asset, which might continue to pressure the asset’s price in the near future.

Meanwhile, despite the gloomy momentum, the latest data indicates a sustained interest from the large investors.

In another XRP news, Ali Martinez highlighted the buying pressure for the asset in the market.

According to Martinez, whales have bagged 60 million XRP from yesterday, signaling that the crypto might witness a rebound in the coming days.

In addition, other experts have also remained bullish on the short-term potential of the asset.

For context, in a recent analysis shared on X, expert Dark Defender has set a target of $3.61 for XRP price.

Besides, he also believes that the crypto might continue to rally once $3.61 is breached, potentially hitting the $5.85 mark.

However, he has highlighted $3.07 as key support that the Ripple coin must hold. In other words, his target of $3.61 or $5.85 will only remain validated as long as the crypto holds the $3.07 support.

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