XRP price stayed near the flatline today as the global crypto market moved towards the green zone. Amid this, an expert has predicted key support levels for Ripple’s native crypto, while setting a bullish long-term target of $10 for the asset. However, it’s worth noting that despite this bullish outlook, the analyst warned of a potential slip to $1.5 for the crypto before the breakout.
However, here we explore some of the top reasons that could boost the crypto’s price in the coming days.
Here’s Why XRP Price May Rally
XRP price has been on the investors’ radar, especially with the approaching deadline for the US SEC to file its opening brief on the Ripple lawsuit. In addition, Ripple CLO Stuart Alderoty and CEO Brad Garlinghouse recently had dinner with Donald Trump, which has further fueled speculations.
Simultaneously, the speculations over a potential XRP ETF approval have also soared among traders. For context, as Trump is about to be sworn in on January 20, optimism soared over potential pro-crypto regulatory developments in the US. Besides, the recent dinner has further sparked discussions over a favorable environment for Ripple and its native crypto in the coming days.
Having said that, the market participants also expect the upcoming US SEC Chair, Paul Atkins, to drop the Ripple SEC case potentially. On the other hand, many believe a potential settlement in the XRP lawsuit is imminent under the upcoming SEC chair and after Trump’s inauguration.
Despite these positive developments, the recent market volatility has fueled concerns among investors. Here we explore the key supports and potential targets for XRP, as discussed by an expert.
XRP Price Risks Falling To $1.5 Before Breakout
A top market expert, Ali Martinez said that XRP price is at risk of a significant downturn. If the cryptocurrency breaks out of its triangle pattern to the downside, it could lead to a sharp decline. Martinez predicts that in such a scenario, Ripple’s native crypto could plummet to as low as $1.5, citing the .618 Fibonacci level as a potential target.
This would represent a substantial drop, sparking concerns among investors. However, in a separate X post, Martinez said that “XRP offers two potential entries.” This has gained notable traction from the investors, especially with his bullish long-term outlook on the coin. For context, the expert said that “the first rising trendline of the pennant is at $2.05.” In addition, he has set another key entry line at $2.50.
However, the expert sets an XRP price target of $10, irrespective of the entry point or support levels of the crypto. This showcases his growing confidence towards the asset which has also bolstered market confidence.
Source: Ali Martinez, X
How’s Ripple’s Native Crypto Performing?
XRP price was down 0.55% and exchanged hands at $2.31, while its trading volume rose 30% to $5.4 billion. Notably, the crypto has touched a 24-hour high and low of $2.33 and $2.24, respectively. Besides, the crypto’s futures open interest fell 0.4% to $4.25 billion, reflecting the cautious stance of investors.
However, it’s worth noting that despite XRP’s dip today, the global crypto market cap surged about 2%. Simultaneously, the recent dip also comes as Ripple Labs has recently moved 300 million XRP, worth $682 million, which has fueled speculations. However, many have deemed the recent transaction as an internal transfer of the token.
Meanwhile, despite the slight dip in price recently, it appears that the crypto is poised to rally in the long run. Besides, the expert’s target of $10 for the crypto has further bolstered market sentiment.
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