- XRP reversed sharply after peaking at $2.36, dropping 6.78% from its weekly high.
- Analyst BLOCK BULL warned of a deeper fall below $2, targeting a potential bottom at $1.55.
- Dark Defender stays optimistic, seeing the dip as just another step in a larger Elliott Wave push upward.
The digital asset XRP may be heading toward a steep decline, despite signs of recent momentum. After climbing sharply from $2.07 to $2.30 last week, the cryptocurrency couldn’t manage to hold onto its gains. The price saw a sharp reversal this week, slipping 2.22% since Monday and plunging 6.78% from a weekly peak of $2.36.
BLOCK BULL, a widely-followed market analyst, believes that this slide could continue. On April 29, he issued a stark warning via X, predicting a deeper fall beneath the $2 level. According to his technical assessment, XRP recently faced rejection at the top of a bull flag on the daily chart. Failing to break through this resistance, the token reversed direction and is now at risk of falling even further.
He specifically pinpointed $1.55 as the next potential bottom, which would mark approximately 30% drop from the current market price. His analysis aligns the predicted bottom with the base of the flag structure.
Despite the grim outlook, BLOCK BULL described the potential dip as a “great entry” position, suggesting that long-term holders and institutional players could see the downturn as an opportunity to accumulate.
Another respected voice, trader Dark Defender, provided additional insight in his April 27 analysis. He believes the current correction is part of a larger Elliott Wave formation, which should ultimately propel XRP to new heights. He maintained a long-term bullish stance, suggesting the present shakeout is temporary.
“XRP continue its climb to the top,” he said.
XRP Bears Eye Crucial $2 Support Zone
Currently, XRP is trading below $2.25 and under its 100-hourly Simple Moving Average, showing weakness in the short term. Resistance is building near the $2.2450 mark, with a heavier barrier around $2.25. Should bulls regain strength, the next hurdles sit at $2.27 and $2.32, with potential further gains extending toward $2.35 and even $2.365 in the near future.
However, if the token cannot overcome the $2.25 ceiling, the pressure could intensify. The first significant safety net lies near $2.18, followed by firmer support at $2.125. A decisive drop beneath the $2.08 zone may pave the way for a deeper descent to $2.05, with $2.02 marking the next line of defense.
Technically, the MACD for XRP/USD is inching upward in the bullish zone, hinting at possible near-term relief. Meanwhile, the Relative Strength Index is hovering around 50, reflecting a market that remains in balance between buyers and sellers.
The market’s immediate focus remains on whether XRP can reclaim the $2.25 level. Without that, downward momentum might continue to rule the price action. Investors will need to watch closely as XRP navigates these pivotal points.
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