New XRP Price Forecast Emerges, Targeting a Bearish Move Below $2

A new XRP price forecast has emerged, offering insights into the cryptocurrency’s next bearish move.

A new XRP price prediction has emerged, offering insights into the cryptocurrency’s next bearish move.

One crypto analyst who previously predicted XRP’s crash below $2 has provided a more comprehensive outlook, highlighting key support and resistance areas that will determine XRP’s next target.

According to the crypto analyst on TradingView, ‘MMBTrader,’ the XRP price is due for a dump below the $2 threshold. As of writing, CoinMarketCap reports that XRP is trading at $2.2, reflecting a 3% increase in value over the last 24 hours.

XRP Price Projected To Crash To $1.5

The TradingView analyst identified a Head and Shoulder pattern on the XRP daily chart, consisting of three peaks: left shoulder, head, and right shoulder.

One of the most common indicators of a potential price breakdown, a classic Head and Shoulder pattern is usually a technical analysis tool that traders use to identify the continuation or reversal of a trend.

The crypto analyst explained that a break below the pattern’s neckline around the $1.95 price point would confirm XRP’s bearish position. If the cryptocurrency fails to hold the $1.95 support level, then a sharp drop, possibly up to 50%, is expected. This massive crash would place the price around the $1.5 level or as low as $1.2.

However, if the cryptocurrency manages to consolidate near $2 without breaking lower, then a bounce to new highs could follow, the analyst added.

The TradingView expert also projects an alternative bullish scenario in which the XRP price experiences a significant rally toward $5 after its projected 50% price crash.

If XRP can hold the support level at $1.5, then a strong reversal could occur, triggering a bullish move between $4 and $4.5.

Whales Scoop Up $385 Million Amid Market Downtrend

While XRP experiences slow momentum due to the market’s recent decline, whales are buying the dip, accumulating a large amount of the token.

According to crypto analyst ‘Brett,’ one XRP whale executed a large-scale transaction, buying over 167 million XRP, valued at $368.4 million, in a single purchase.

Brett stated that this whale activity unfolded as the market panicked over increasing volatility and price declines. Over the past few weeks, XRP has struggled to recover from bearish trends, joining the top cryptocurrencies like Bitcoin and Ethereum, which experienced a major price crash earlier in February.

CoinMarketCap data shows that the the altcoin’s price has decreased by 11.6% over the last seven days. This decline comes as the broader crypto market faces massive liquidations totaling hundreds of millions of dollars.