XRP Price Plunge Imminent as Analysts Forecast Further Losses
Ripple's XRP token has seen a significant decline in value over the past year, down around 65% on a yearly scale. The current price of $1.08 represents a 4% weekly loss. Analysts have different opinions on the future of XRP, with some predicting a further decline to below $1 and others anticipating a rebound.
User Hamza warned that retail investors are still 'bagholding' while smart money has left, setting a target of $0.836. However, if the price were to rise to $1.16, it would invalidate the bearish setup. Crypto Spaces also issued a forecast predicting a plunge to $1.02.
The rising number of XRP tokens stored on Binance suggests that some investors have abandoned self-custody methods and moved their holdings to the exchange, increasing immediate selling pressure. On the other hand, analysts like Celal Kucuker see compression, exhausted sellers, and asymmetric risk, while xrpl_Adam predicts that Ripple's native token may become a $100 trillion asset in the future.