Analyst Warns XRP Price Could Drop To $1.5 If This Happens
Highlights
- Crypto analyst CasiTrades revealed that the XRP price could drop to as low as $1.5 if it fails to hold above $2.42.
- The analyst warned that a hold above that price level is needed to keep the bullish momentum alive.
- She also stated that the next upside targets for XRP are $2.70 and $3.05.
Crypto analyst CasiTrades has revealed that the XRP price is still at risk of dropping to as low as $1.5. She further mentioned what needs to happen for XRP to avoid dropping to this price target.
XRP Price Could Drop To $1.5 If This Happens
In an X post, CasiTrades revealed that the XRP price could drop to $1.5 if it fails to break and hold above the $2.42 price level. This came as she noted that XRP is attempting to reclaim the consolidation pattern it broke down from.
The crypto analyst further remarked that XRP needs to break and hold the trendline at $2.42 as support to keep the bullish momentum alive. She added that it is very critical for this to happen or a retest of $2 or $1.54 could be in play.
CasiTrades’ analysis comes just as crypto analyst Egrag Crypto predicted that the XRP price could reach $30 by May this year. The analyst alluded to historical trends to prove why the crypto could reach this price target.
Analysis Of The Current Price Action
CasiTrades also gave an in-depth analysis of the current XRP price action. She noted that the crypto has seen a retracement of the move that followed Donald Trump’s announcement that XRP will be included in the crypto strategic reserve. However, the crypto analyst added that the overall market structure remained valid.
CasiTrades also stated that XRP held above W1 territory and did not make a new low. She remarked that the bigger picture still supports a wave 4 correction playing out, targeting a new high.
Meanwhile, the crypto analyst revealed that bullish divergences across timeframes are still intact and that the Relative Strength Index (RSI) is maintaining its uptrend from the $2 low. In line with this, CasiTrades stated that the next upside targets are $2.70 and $3.05. She noted that these are crucial levels before market participants can consider talking about new all-time highs (ATHs) for the XRP price.
In the meantime, if XRP fails to hold above $2.42, CasiTrades stated that the crypto could see a test of $2.20, which is a key subwave support level. A deeper retracement could take XRP back towards $2 or $1.54 if sellers take control. However, the crypto analyst said that she is still favoring the bullish scenario until there is a clear invalidation.
According to CasiTrades, the market is looking for buyer confirmation and this $2.42 level will decide if the XRP price moves higher from here of if there is need for more correction.
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