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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

More Pain To Come: Crypto Analyst Predicts Massive XRP Crash To $0.34

Scott Matherson
Scott Matherson
1 year ago
4 mins read
XRP Price

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XRP holders may have to deal with more price declines from the crypto token if this crypto analyst’s recent analysis is anything to go by. This bearish analysis comes amidst several other predictions that have painted bullish narratives for the crypto token. 

XRP Could Drop To As Low As $0.34

Crypto analyst Ali Martinez highlighted how a possible XRP sell-off could trigger a price decline to $0.34. As part of his analysis, he stated that XRP was currently “grappling” to maintain its footing at the crucial $0.55 support level. The token’s failure to hold that level will be what leads to the sell-off scenario. 

XRP Price
Source: X

From the accompanying chart that Martinez shared, it was indeed evident that XRP was struggling to hold above the $0.55 level. A potential drop to $0.34 will see the crypto token drop to a price level that it hasn’t come close to since around April 2023. Crypto analyst Egrag Crypto also noted how critical the $0.55 level was, labeling it as a “significant support for XRP.”

Related Reading: Trillion-Dollar Franklin Templeton Shares High Praise For Solana, Is A SOL ETF Coming?

However, he had shown optimism that any price drop wasn’t going to be as bad as Martinez suggested by stating that he didn’t see the weekly candle closing below the $0.50 level. In fact, instead of anticipating any price decline, the analyst remarked that he was choosing to focus on the bigger picture.

What The Bigger Picture Is

According to Egrag Crypto, XRP is going to rise to $5 in less than 90 days from now. The analyst still alluded to this prediction in a more recent X post. While laying out three possible scenarios for XRP’s price, he stated that the market makers may “engineer an independent surge” that could propel XRP to this price level. 

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Egrag had also previously mentioned that the altcoin could rise to as high as $27. He believes this price level is attainable based on the fact that XRP, back in 2017, surged by 61,000% in 280 days. This was something he emphasized once again in his latest post, noting that a 50% drop remains a “plausible scenario” as XRP tries to replicate that percentage move from 2017. 

While a significant price drop remains a huge possibility, Egrag believes that it also represents a “generational buying opportunity.” The analyst has continued to urge XRP holders to remain patient, especially if they hope to make the most gains from their XRP holdings, with Egrag once analyzing how the token will rise to $2,500 by 2029. 

In the meantime, those invested in the token will hope that Martinez’ prediction doesn’t come true, seeing that XRP has already dropped below $0.55. At the time of writing, XRP is trading at $0.54, down by over 3% in the last 24 hours, according to data from CoinMarketCap.

XRP price chart from Tradingview.com (Ripple)

Token price at $0.54 | Source: XRPUSD on Tradingview.com
Featured image from NameCoinNews, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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