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- A crypto analyst believes that the XRP price will fall by more than 80% from its present levels.
- XRP is struggling to retain its positive momentum and faces a potential catastrophic fall.
Over the weekend, the XRP price made a little comeback and has kept part of this bullish momentum. Experts, however, do not think the cryptocurrency will maintain its upward trajectory; in fact, one crypto analyst believes that the price of XRP is about to drop severely.
The price of XRP is About to Crash by 80%
An unsettling trend for the price of XRP has been disclosed by a cryptocurrency expert on the TradingView website, going by the name Without Worries. This two-year performance analysis of the cryptocurrency indicates that the price is more likely to drop from this point than to keep rising.
For the last two years, the XRP price had been moving inside an upward trend channel, claims the cryptocurrency analyst. Mostly, this channel has persisted, enabling the cryptocurrency to maintain its upward trajectory. The expert does point out that this uptrend channel support has now collapsed and that the confirmation completes a price reversal for the cryptocurrency.
Failure of the Channel and the Market Structure
The crypto analyst also notes that the price peaked in April 2022 when the currency destroyed the market structure, and this channel support failure followed. Considering this, he projects a reversal of the price and a fall to levels not seen before 2020.
The expert estimates that this crash will target $0.1. In such a case, the token’s current value would drop by more than 80%. CoinMarketCap data shows that the price of XRP at the time of writing is at $0.5259, down 0.33% in the previous day and 2.43% over the previous seven days.
As of right now, XRP is still working toward a market valuation of $30 billion, which CNF previously reported it was getting close to.
