Amid an increasingly volatile digital asset sector, Ripple (XRP) is predicted to face an incoming fall to $0.34 but could then see a price correction in the form of a 500% surge. Indeed, various crypto analysts have discussed how the asset could maneuver from its current $0.55 price according to CoinMarketCap.
Specifically, well-known crypto analyst Ali Martinez predicted further declines in store for the asset. According to Martinez, a lot is riding on how the asset responds to the current support level. If it does not hold, it could see a massive downturn. Yet, many foresee a remarkable rebound if it does collapse.
Also Read: Ripple CEO Says Other Crypto ETFs a “Certainty”: XRP Next?
Ripple Set to Face Massive Drop With PRice Correction Ahead?
Although we are just 18 days in, 2024 has become defined by its early volatility within the digital asset market. The landmark approval of Spot Bitcoin ETFs in the US did not bring about the propulsion many expected for a host of cryptocurrencies. Subsequently, many are facing stark rebounds, with one asset in particular likely to take a hit.
Indeed, crypto analysts have predicted that Ripple (XRP) could face a fall to the $0.34 level, with a massive 500% surge in store. Currently, the asset is facing critical support, with Ali Martinez predicting a massive downturn if it fails. Specifically, he noted possible sell-off pressure to come if it does fail at the current support.
Also Read: Ripple (XRP) Could Rally 1,500% To $11, Here’s When
however, fellow crypto analyst EGRAG stated a more bullish expectation for the asset. Specifically, he noted that a price surge could be in store at the upcoming correction phase. Indeed, EGRAG’s analysis focuses on long-term support levels at different times. Subseuqnlety, it noes that the asset has faced different challenges, and retested its trendline after dips over the past three years.
Ultimately, XRP could be set to continue its 2023 upswing after a strong decline in the near term. Additionally, recent discussions surrounding a possible Ripple ETF have also increased optimism surrounding the asset. Subsequently, it could mirror Bitcoin and surge alongside rumblings of such a landmark development.
Alternatively, the digital asset price prediction platform Changelly has recently upgraded its outlook for the asset. Specifically, they predict a surge of more than 23% by January 19th. Moreover, they expect the asset could reach a price of $0.70 in just 24 hours. Alternatively, their technical readings denote a bearish sentiment toward Ripple’s XRP.