- Analysts emphasize the urgent need for bullish intervention in XRP’s current market position.
- XRP faces the risk of a substantial “macro correction” with prices potentially dropping to $0.38.
- Broader concerns among investors highlight the vulnerability of XRP to further losses.
XRP, the popular cryptocurrency, finds itself at a crucial juncture as crypto analyst CoinsKid issues a warning about a looming threat. Expressing concerns about the immediate future of the altcoin, CoinsKid emphasizes the pressing need for bullish momentum to stave off a significant downturn.
The Urgent Call for Bulls
CoinsKid, in a recent post shared on X, highlighted the precarious position XRP currently occupies in the market. The analyst stressed that failure of bullish intervention could lead XRP into a potentially severe “macro correction,” with prices potentially plunging towards the $0.38 level. This alert comes on the heels of a period marked by declining prices for XRP, as the asset grapples to maintain its value.
We need to see the bulls step in here for #xrp. Otherwise, we could see a bigger macro correction play out towards the 0.786 at $0.38
Squeaky bum time. TICK TOCK pic.twitter.com/jKlBsiXu6h
— CoinsKid (@Coins_Kid) January 19, 2024
In a stark tone, the analyst stated, “Squeaky bum time. TICK TOCK,” underlining the urgency and nervous anticipation surrounding XRP’s impending price movements.
Broader Concerns in the XRP Community
CoinsKid’s sentiment resonates with broader concerns among XRP investors and market observers. The recent lack of bullish activity has left XRP vulnerable to further losses, instigating fears that the cryptocurrency could descend to its lowest levels in months.
A potential drop to $0.38 would signify a substantial loss in value for XRP and introduce a new phase of uncertainty for the digital asset. This comes amid challenges in the wider crypto market, where various assets are grappling with downward pressure.
$XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible sell-off scenario that could see #XRP descending toward $0.34! pic.twitter.com/6oKObjpnnm
— Ali (@ali_charts) January 18, 2024
XRP’s Bearish Trend and Confirmation
The recent market performance of XRP has not been reassuring for its holders. Over the past week, the asset has witnessed a decline of more than 10%, and this bearish trend shows no immediate signs of abating. XRP is currently trading below $0.53, reflecting a drop of nearly 5% in the last 24 hours.
Crypto analyst Ali supports this downward trajectory, noting that if XRP breaches the $0.55 level, the altcoin could experience a substantial decline to as low as $0.34. Such a drop would take XRP to price levels not seen since April 2023, posing an alarming scenario for investors and the XRP community.
Despite the ongoing downturn, XRP’s daily trading volume has remained relatively stable, fluctuating between $1.4 billion and $1.2 billion over the past week. As of the latest update, the altcoin’s trading volume hovers around $1.28 billion.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.