Crypto

XRP Price Poised to Drop by More than 50% Soon-Is it the Right Time to Sell?

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  • XRP price is speculated to witness significant turbulence very soon which may hinder the progress of the rally towards the north

  • A notable drain is believed to drag the price lower in the coming days which may compel the token to record a bearish close for the year

The 2022-end is approaching very fast, meanwhile, the tokens maintain their consolidated trend as Bitcoin prices fail to slice through the crucial $17000 levels. The fine accumulation which has slaughtered the volatility also has prevented the traders to induce significant volume, much required to rise above the bearish captivity. While the beginning of 2023 was believed to be bullish, the possibility of XRP price marking new lows emerges.

The XRP price has been maintaining a significant trend since the beginning. Moreover, after the recent fallout, it maintained a significant upswing which was hindered during the recent fallout. Despite the bearish pressure, the XRP price is trying very hard to overcome the bearish action and reclaim its trades before the gigantic price drop. 

  • The XRP price in the larger perspective is stuck within a parallel channel wherein the bears appear to be in full control, while there are no signs of any reversals as no buy alerts by whales have been witnessed
  • The head & shoulders pattern on the weekly chart is on the verge to experience a breakdown, as a fresh rejection may drag the price toward the lower support which is the neckline of the pattern
  • With a fine rejection from the neckline, the price is believed to be halved and reach $0.1 which could be the last point of defense too. Here whales are believed to enter and uplift the price by 30% to 40% 

Collectively, the XRP price remains within the bearish captivity regardless of the minor bounce, it is undergoing in the short term. As per the predictions of some analysts and influencers, the crypto markets may find their bottoms somewhere in Q1 2023 and XRP is no exception. Hence, a fine correction may be pre-programmed which may intensify the upcoming rally in the near future. 

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