Bitcoin is again trading at the $66,000 range on Friday and is attracting bearish sentiments in the charts. Leading altcoin XRP is also following the footsteps of Bitcoin and trading in the red. The Ripple’s native token has dropped to the $1.3 range, shedding nearly 38% of its value in a month.
XRP is under pressure and remains range-bound at $ 1.30, receiving short-term support. However, Bitcoin’s underperformance can affect XRP’s price, as calls of BTC falling to the $55,000 range are growing. This could make XRP plunge below the $1 range and wreak havoc in the charts.
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XRP Predicted To Fall to $0.75 to $0.85
Cryptocurrency analyst Tara shared a chart on X that XRP could reach a maximum high of $1.65. However, if the leading altcoin fails to hold on to the momentum, chances of falling back to $1.3 remains high. The cryptocurrency market is walking a tightrope as the downside threat persists. Even Ethereum has fallen below the $2,000 level and is attracting bearish sentiments in the indices.
The analyst explained that if XRP plunges below the $1 level, the shock and meltdown would lead to a round of sell-offs. The altcoin is forecasted to fall to the $0.75 to $0.85 level, reaching a yearly low. XRP has already erased its yearly gains and could fall to its 2024 lows. The last time the altcoins were trading at these levels was in October 2024. Pulling profits in the cryptocurrency market at the right time is a skill traders need to master.
“XRP has ALREADY reached its textbook .382 resistance at $1.53, but the waves on BTC look to be incomplete. A new low on BTC to $52.2k support would bring XRP down to its $0.786 support at $0.87,” the analyst wrote on X. Therefore, an entry position in Ripple’s native token is risky as the market remains unfavorable.
