Meanwhile, the bears had other plans, exerting enough pressure to break below the Fibonacci 0.236 level at $0.5261. Following a collapse to $0.5229, XRP mounted a defense, which led to another round of range-bound movements.
The historical significance of the $0.51 price zone has proven to be a robust protective barrier for XRP, effectively thwarting bearish pressures during past market downturns.
In a previous analysis on Jan. 23, notable chartist ElmoX projected an incoming dump in XRP’s price. Nonetheless, he stressed that the token needs to hold above $0.40 during this slump, as giving up this level would result in a more substantial collapse to the $0.25 price territory.
Despite the expectation of a massive correction, ElmoX maintained its bullish projection for XRP, arguing that the crypto asset would rally to new all-time highs at $5 or $7. However, he asserted that these price levels would not materialize until the next year or two.
ElmoX charged investors to take advantage of further drops as an opportunity to augment their XRP bags. Several industry commentators share this sentiment, citing the prevailing bearish sentiment surrounding XRP amid the recent collapse.
Bobby A, a market analyst, called attention to this bearish sentiment in a post on X today. He emphasized that a lesson he has learned in the crypto scene is to “go hard in the paint” on any asset that everyone seems to be bearish or frustrated with.
In addition, Tom Crown, crypto influencer and founder of Crown Analysis, disclosed that he would be procuring some XRP tokens for the first time since 2017. According to Crown, this newfound attraction has been triggered by several bearish posts around XRP amid the drop.
Meanwhile, XRP currently trades for $0.5110, with a 4.68% drop over the past 24 hours and a 16% slump this month.
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