The year has certainly not been the most beneficial to the digital asset market. Yet, amid the downturn for a host of tokens, one analyst believes that optimism could be rewarded. Indeed, EGRAG has predicted that if Ripple (XRP) could fall to $0.40, that could lead to a price recovery to $2.
XRP has experienced a volatile start to 2024 thus far. Moreover, the recent hack into the company’s co-founder Chris Larsen didn’t do the token’s value any favors. Still, there is the expectation that the token could be facing a stark turnaround. The only questions are how low must it first get, and how high the reversal takes the asset.
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Ripple (XRP) Further Fall Could Precede a Massive Surge
At the end of 2023, the digital asset sector was met with tremendous optimism. Indeed, investors had seen the potential in the impending approval of a host of Spot Bitcoin ETFs. Moreover, Ripple was among the most anticipated assets on the market. However, one month into the year, that has yet to come to fruition.
Still, there is a plethora of optimism surrounding how what a rebound could look like for the token. Specifically, one analyst has stated that Ripple (XRP) could fall further to $0.40, making way for an eventual price correction to the $2 level. A feat that would certainly mark one of the most significant turnarounds the market has seen
Also Read: Ripple: XRP Historical Patterns Suggest Potential Price Explosion
In a recently published analysis, EGRAG noted that his previously reported 5-wave prediction could lead to a rather high short-term target for XRP. Specifically, he stated that forecast adjustments would lead to a short-term target of between $2.20 and $2.80.
This projection has arrived as the asset is still trying to recover from dropping below the $0.49 level yesterday. Currently, the asset is trading at $0.506 and is down more than 1% over the last 24 hours according to CoinMarketCap. Still, there is anticipation that the $0.50 level could either continue the fall for XRP or finally bring about a price correction upward.