Is XRP Under $3 a Buying Opportunity or the End of the Rally? Analysts Weigh In
XRP Struggles to Hold Above $3 After Six-Year Breakout
XRP finally reclaimed the $3 psychological level after six years, mirroring its 2017 bull run, but macroeconomic volatility—driven by Trump’s trade war—has pushed prices below this key level once again.
As of Feb. 6, XRP is trading at $2.40, down 30% from its recent $3.40 peak set three weeks ago. Despite this, XRP is still up nearly 400% from its November 2024 low of $0.50, leaving traders questioning whether this dip signals a buying opportunity or the start of a deeper correction.
Could XRP Drop Another 30-45%?
Analyst Credibull Crypto warns that XRP could drop another 30-45%, targeting a $1.60-$1.30 support zone as a local low. Nishant Bhardwaj echoes this view, emphasizing that XRP must hold $2.50 to maintain bullish momentum.
“Strong bounce from sub-$2 levels suggests demand, but bearish pressure persists. Watch $2.50. A breakdown could lead to $2.00 and $1.61 support tests,” Bhardwaj shared on X.
Further analysis suggests that $1.60 is a major support level, sitting just 20 cents below the 200-day EMA, making it a high-volume demand zone where buyers may step in.
South Korean Traders and Whales Are Buying the Dip
Despite short-term bearish predictions, South Korean traders and XRP whales are aggressively accumulating XRP, signaling confidence in its long-term potential.
Market Insights:
This cross-exchange accumulation suggests that certain investors are treating the XRP dip as a buying opportunity, reinforcing confidence in its long-term potential.
Bullish Projections: $5.85 to $18 Targets?
While some traders expect further downside, crypto analyst Dark Defender predicts XRP could hit $5.85 in the short term and $18.22 in the long run, based on Elliott Wave Theory.
Similarly, XForceGlobal suggests XRP is in its fourth wave, expecting a final push toward $5-$10.
What’s Next for XRP?
With XRP consolidating, the market remains divided:
The next few weeks will be crucial in determining XRP’s trajectory. Will it break lower or surge toward new highs?
