$XRP the fourth largest cryptocurrency by market cap is currently navigating turbulent waters. With dovish statements from Federal Reserve Chairman Jerome Powell undermining market sentiment, XRP has taken a hit along with the broader crypto market. But is this skepticism justified, or is it just “noise” masking a bullish opportunity? Let’s take a look!
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XRP Price Action: Retesting Key Levels
XRP has fallen by almost double digits in the past 24 hours, trading near the $2.00 mark. However, renowned market analyst Egrag Crypto has reassured the XRP community, calling the recent decline just a technical retest.
According to Egrag:
XRP is returning to its December 10 low, where it had previously rebounded strongly, closing at $2.3709.
Even if the price falls below $1.90, this is not a cause for alarm. Instead, this area could serve as a springboard for a potential bullish double bottom formation on higher timeframes.
💡 Professional Insider: XRP has a history of creating macro ranges before major breakouts. Egrag predicts that XRP could now fluctuate between $2.00 and $2.90, similar to its previous range of $0.50 to $1.00 before the recent explosive move.
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Why XRP could be an altcoin to watch
Crypto analyst DonAlt has declared XRP the “best altcoin to play” in the current market conditions. He claims that:
The recent market drop has made altcoins attractively cheap, offering buying opportunities.
XRP's fundamentals and price action indicate a better risk-reward setup compared to other altcoins.
Although DonAlt did not specify a target price, other experts predict ambitious levels:
Short-term target: $4.60
Long-term ambition: $35
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Market sentiment and what's next for XRP?
At the time of writing, XRP is trading at $2.1780, recovering from a sharp drop to $1.9601. Despite a 10.62% decline over the past week, the asset is showing resilience, gaining momentum to reclaim higher levels.
💡 Key levels to watch for:
Support: $1.90
Resistance: $2.90
Breakout zone: above $2.90
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Is now the time to buy XRP?
Market conditions remain uncertain, but the technical retest of XRP and the potential formation of a double bottom present interesting opportunities. Whether you are a long-term investor or a short-term trader, XRP’s price action indicates that an important moment is approaching.
📢 Final thoughts:
Watch for a confirmed bounce above $2.00.
Keep an eye on Bitcoin price action as it can dictate overall market trends.
Consider XRP as a key altcoin for portfolio diversification.
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