XRP's Tug-of-War: Analyst Predicts Deeper Pullback Before Potential Reversal
The cryptocurrency XRP is currently navigating a challenging market landscape, trading below the critical $2 mark. A recent analysis by crypto market expert Tara suggests that XRP is undergoing a more significant price retracement compared to Bitcoin, leading to irregular short-term price movements. However, this downturn could ultimately pave the way for a strong reversal, contingent on broader market dynamics and key support levels holding firm.
Navigating XRP's Downturn Amidst Bitcoin's Influence
Crypto market expert Tara recently provided a technical analysis on XRP, observing its recent breakdown below $2. According to her, XRP is currently experiencing a deeper pullback compared to Bitcoin, which is still in its corrective phase. This mismatch is anticipated to result in irregular price behavior for XRP in the near term. While XRP has already touched the 0.382 Fibonacci retracement level near $1.95, Bitcoin is only halfway to its equivalent. Tara notes that Bitcoin's gradual retracement could slightly disrupt XRP's movements, but a decisive push by BTC towards its own 0.382 retracement near $88,800 could serve as a major catalyst for renewed strength in XRP.
Key Price Levels and Future Projections
In her report, Tara highlighted crucial downside levels for XRP traders to monitor. A break below $1.916 could trigger a short-term move towards $1.90, where the Lower Time Frame (LTF) support is located. A further test near $1.88 remains plausible as long as XRP maintains its trade below $2.0. The $2 mark itself is designated as a significant resistance zone, likely capping any immediate recovery efforts. While the long-term "real barrier" for XRP is projected much higher at $9, implying a substantial 374% price increase, Tara indicates that such a rally is improbable in the immediate future given the current downtrend and market uncertainty. Instead, she suggests that XRP could reach no higher than $2.30 before the year concludes. The Relative Strength Index (RSI) also shows weakening momentum but offers hope for a relief bounce if critical support levels are maintained.
