XRP’s price trajectory is raising concerns among analysts, with The Block Bull, a well-regarded market observer, forecasting a sharp decline. He suggests the cryptocurrency may revisit its November 2024 lows in the coming weeks, driven by broader market instability and XRP’s failure to sustain its recent bullish momentum.
The current bearish sentiment has been exacerbated by the consolidation phase XRP entered following its meteoric rise earlier this month. On December 3, XRP surged to a seven-year high of $2.9, achieving a remarkable 105% increase in just eight days.
However, the rally encountered stiff resistance, resulting in a dramatic pullback. While XRP managed to recover from this steep drop, it has not been able to retest its $2.9 peak, instead stabilizing between $2 and $2.5 with occasional dips below $2.
XRP Could Begin Its Downtrend Today
The Block Bull warned that XRP’s decline might begin imminently. After issuing his analysis on December 12, XRP ended the day with an over 2% loss, halting a winning streak from December 10. Although the cryptocurrency displayed minor resilience the following morning by trading flat, the analyst remains pessimistic about its mid-term outlook.
He predicts XRP could drop to $1.50 as early as next week. This is particularly significant as XRP has maintained a price above $1.50 since surpassing that level on November 29. The analyst further expects that this support level will not hold, anticipating a deeper decline to $0.50 by the end of the year.
For context, XRP struggled to maintain the $0.50 price range in 2022 and 2023 before breaking above it in November 2024. A return to $0.50 would mark a 79% decrease from current levels.
Crucial Support Levels and Historical Precedents
At the time of writing, XRP is trading at $2.44, hovering above its critical support level of $2.20. The Block Bull emphasized that losing this support could trigger a cascade of sell-offs, with $1.50 as the next notable target. However, he cautioned that $1.50 is a weak support level, making a further drop to $0.50 increasingly likely.
The analyst noted similarities with XRP’s performance during its 2017 bull run. In March 2017, XRP surged 284% but experienced a 44% decline in early April before recovering to reach its all-time high of $3.30 later that year. A similar trajectory could unfold now, although the outcome remains uncertain.
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Differing Views Among Market Observers
Despite the grim outlook, some XRP proponents remain optimistic. They argue that Ripple’s upcoming launch of its RLUSD stablecoin , evolving market conditions, and potential regulatory clarity under the incoming Donald Trump administration could support XRP’s value.
The divergence in perspectives highlights the uncertainty surrounding XRP’s mid-term prospects. While some investors hope for a recovery fueled by Ripple’s developments, others, like The Block Bull, caution that market trends and historical patterns point to a potential downturn.
As XRP trades close to its $2.20 support, the coming days will be crucial in determining whether the cryptocurrency can defy bearish projections or if a significant crash is indeed on the horizon.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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