The crypto market has just endured one of its harshest sell-offs in recent months, and XRP was no exception. With a 20% plunge in the last 24 hours, Ripple’s token has fallen to around $1.70, according to CoinGecko — a sharp drop from its recent momentum.
This comes amid a broader market downturn where Bitcoin crashed below $76,000, and Ethereum took a massive hit, triggering a domino effect across altcoins. As panic spreads, traders are wondering: has XRP hit bottom, or is there more pain ahead?
Analysts Predict Further Decline — Could $1.30 or Even $0.60 Be Next?
Crypto analysts have been quick to weigh in. CRYPTOWZRD, a popular chartist on X, warned that XRP could drop further to $1.51 if Bitcoin continues its slump, especially with US stock markets yet to open, potentially adding more pressure.
Others are even more bearish. Analyst Ali Martinez suggested that falling below the critical $2 support could push XRP all the way down to $1.30, a level that would erase a significant portion of its 2024 rally.
However, perhaps the most alarming scenario comes from Jesse Colombo, who identified a head and shoulders pattern formed on XRP’s chart. According to Colombo, breaking below the neckline of this formation could set up a massive 65% collapse, potentially driving the price down to $0.60 in what he called “a complete unwinding of its fall rally.”
Oversold but Not Over Yet? The RSI Points to a Possible Rebound
While the market feels overwhelmingly bearish, one technical indicator suggests a short-term bounce could be on the cards. The Relative Strength Index (RSI) — which tracks momentum and identifies overbought or oversold conditions — currently sits around 18, its lowest level since late February.
An RSI below 30 is typically seen as an oversold signal, and readings under 20 are rare. This might mean XRP is due for a relief rally, especially if macroeconomic or crypto-specific catalysts appear.
Still, traders should tread with caution. Oversold doesn’t always mean “buy” in such volatile conditions — it often signals volatility ahead rather than a guaranteed reversal.
Final Thoughts: Is This a Buying Opportunity or the Start of a Breakdown?
The crypto market’s latest crash has rattled investor confidence, and XRP’s sharp pullback has left the token hanging by a thread. With technical formations flashing warning signs and support levels breaking, the road ahead could be rocky.
But in crypto, sentiment flips fast. With RSI at extreme lows and the entire market heavily oversold, a short-term bounce or dead cat rally isn’t off the table. For now, all eyes are on Bitcoin’s next move and the US stock market’s reaction when it opens — both of which could dictate XRP’s immediate fate.
