Ripple drops to $1.07, then rebounds to $1.43? Expert presents XRP price scenario

▲ Ripple (XRP) ©Godasol

While XRP (Ripple) continues to show weakness around $1.16, a prediction has emerged that it could fall further to $1.07 before rebounding towards $1.43, but technical indicators still point to a downtrend.

According to the cryptocurrency specialized media outlet CryptoDaily on November 8 (local time), crypto analyst Egrag Crypto stated that XRP had reached its downward target of $1.18, which he had presented weeks ago, and evaluated this range as an accumulation zone. He revealed that he currently holds 97% of his investment position in spot, but also left open the possibility of XRP falling further to $1.11-$1.07 before a full rebound. He then set the first recovery target at $1.25, and predicted that it could rise to $1.63 and $1.80, passing through the channel top of $1.43. However, he did not specify the exact timing of reaching these targets.

Currently, XRP is trading around $1.16, having fallen approximately 16% in the last month and about 7% in the last week. Price fluctuations over the last 24 hours have been limited, but it is trading below both the 50-day moving average of $1.31 and the 200-day moving average of $1.36, indicating that a medium-to-long-term downtrend is being maintained. For XRP to reach Egrag Crypto's target of $1.43, it needs to rise by approximately 23% from the current price, and about 55% to reach the final target of $1.80.

No clear trend reversal signals were observed in technical indicators either. The Relative Strength Index (RSI) is around 32, close to the oversold threshold of 30, suggesting a potential short-term rebound, but it has not yet turned upwards. The Moving Average Convergence Divergence (MACD) also remains below the signal line, indicating that buying pressure has not gained dominance. Trend strength indicators showed no clear directionality, consistent with the price moving within a certain range.

The first hurdle to determine a rebound is the $1.25 resistance level. If XRP breaks above this price on a daily closing basis, it could challenge the 50-day moving average of $1.31, and then it would need to surpass the 200-day moving average of $1.36 to approach the $1.43 target. Conversely, if daily closes below $1.18 with accompanying trading volume occur consecutively, Egrag Crypto's accumulation outlook should be re-evaluated. In particular, if the lower end of the expected decline range, $1.07, is breached, there is a risk of further decline to the next major support level of $0.99.

For Egrag Crypto's accumulation scenario to remain valid, XRP needs to recover $1.18 within a few days and then break the $1.25 resistance level. However, the current price remains below key moving averages, and selling pressure has not been completely alleviated. CryptoDaily pointed out that because the support base below $1.07 is weak, investors who anticipate a rebound and buy early may be exposed to the risk of further declines.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*