Analyst Predicts 70% Chance Of XRP Price Crash To $0.65, What’s Next?

XRP price has recorded a surge of over 6% today sparking market optimism but an analyst has issued a warning for Ripple’s coin ahead. In a recent analysis, the expert noted that there is a 70% chance of a potential correction to $0.65 for the asset. However, despite that, he noted that if the asset breaks through a key level ahead, it could hit a double-digit within the next two to three weeks.

XRP Price At Crossroad: $0.65 Or $0.17?

In a recent X post, analyst EGRAG CRYPTO spotlighted XRP price’s current pattern as an Ascending Broadening Wedge, a formation that often signals high volatility. According to the analyst, the crypto is at a fork in the road — either it dips sharply or skyrockets.

He emphasized that XRP must close above $3.50 to confirm a bullish setup. If it fails to hold above $5 during a future rally, it may retest $1.90. Following that, another attempt to close above $5 could trigger a run to $6. A successful close beyond that level could propel XRP into double-digit territory, likely $17.50, within weeks. However, the analyst warned:

“There’s a 70% chance it breaks to the downside and only a 30% chance for an upside breakout.”

Meanwhile, EGRAG added that this outlook depends on how Ripple’s native asset reacts to the $5 resistance in future price action. If it fails at that level again, the bearish scenario gains weight. Besides, it also comes as Ripple whales moved $572 million in XRP recently, which has further fueled market speculations.

Short-Term XRP Targets Still Bullish

Another expert Dark Defender has shared a bullish forecast for the asset in the near term. Highlighting the monthly chart outlook, the analyst said that the Relative Strength Index (RSI) remains strong, and the A Wave has been completed.

He expects a B Wave that could drive XRP price up to $3. He also speculated that XRP might skip the final C Wave, heading straight to long-term targets near $5.85. In other words, the short-term bullish targets remain at $2.222 and $2.555, while key supports lie between $1.95 and $2.04.

Ripple’s Coin Gains 6%: What’s Next?

XRP price was up more than 6% and exchanged hands at $2.16 during writing, and its one-day volume fell 19% to $4 billion. Notably, the crypto has hovered between $2.4 and $2.17 in the last 24 hours, reflecting the highly volatile scenario.

Amid this, expert CasiTrades noted that the next support for XRP lies at $2.24. If it successfully breaches this level, Ripple’s coin is likely to target $2.7, $3.05, and an all-time high of $3.80.

Meanwhile, amid these experts’ predictions, the investors are also keeping a close track of the XRP lawsuit developments. Notably, a recent mysterious filing in the ongoing Ripple vs SEC lawsuit has sent shockwaves through the XRP community. An emergency request has been made to present “decisive evidence” that could potentially sway the case’s outcome.

It’s worth noting that a positive outcome in the case could significantly drive the prices higher in the coming days. However, a delay by the US SEC in concluding the case has dampened market sentiment, which has also caused the XRP price to remain stagnant over the past few weeks.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.