A market expert now dismisses XRP skepticism as temporary noise while providing price updates amongst downtrend.
A prominent market strategist emphasizes that the recent doubts surrounding XRP due to its price decline are merely distractions.
Currently, the cryptocurrency is revisiting a significant price level, which could indicate a potential turnaround.
XRP’s Recent Performance Amid Market Trends
XRP has followed the broader market’s downward trend, influenced by hawkish remarks from Federal Reserve Chair Jerome Powell, which have instilled caution among investors.
As a result, the fourth-largest cryptocurrency has seen its value drop nearly 10% in the past 24 hours, approaching the $2 mark.
In the face of rising skepticism, market expert Egrag Crypto has stepped in to reassure the XRP community.
In a tweet on Friday, the experienced analyst stated that, from a technical perspective, XRP remains on track, labeling the current situation as “simply noise.”
Technical Insights on XRP’s Price Movement
Egrag highlighted that XRP is merely retesting the low it experienced on December 10.
On that day, the digital asset fell below $2 for the first time in ten days but managed a strong rebound, closing at approximately $2.3709.
He also noted that even if XRP dips below $1.90, it shouldn’t raise alarms.
The analyst suggests that this retest could ignite bullish momentum for XRP if the price recovers from this level.
He believes that XRP might be forming a bullish double bottom on higher timeframes, potentially setting the stage for a rebound to new highs.
Potential for a Macro Range
Furthermore, Egrag posited that XRP may be entering a macro trading range, oscillating between $2.00 and $2.90.
He pointed out that the XRPL native token has previously exhibited similar behavior, having ranged between $0.50 and $1.00 for several months before breaking out.
Analyst Insights on XRP as a Preferred Altcoin
In addition, fellow analyst DonAlt has weighed in, suggesting that XRP could be the optimal altcoin investment in the current market environment.
However, he cautions that this assessment holds true only if Bitcoin’s recent surge to $107,000 isn’t its cycle peak.
While acknowledging that the recent downturn has made all altcoins more affordable, DonAlt emphasized that buying XRP could be a strategic move right now.
Though he refrained from setting a specific price target for XRP, other analysts have speculated about potential highs of $4.60 and even an ambitious $35.
Current Market Status of XRP
At present, XRP is trading at approximately $2.27, showing a sharp recovery from a recent low of $1.9601.
Despite this rebound, the asset remains down 8.34% over the past day and has experienced a 10.62% decline over the last week.
In summary, while skepticism looms over XRP’s recent performance, expert analysis suggests that the current price movements may present opportunities rather than threats.
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Also Read: XRP’S Drop Now Sparks Optimism
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