XRP could be up for a notable downward trend, as a prominent market analyst has predicted a steep price decline below $2.
The asset had a purple patch last week following an 8% rally from $2.07 to $2.30. Just when optimism started creeping in, XRP has seen all its earlier gains this week wiped out. For context, the token is down 3.9% from its opening price on Monday and 8% from its intra-week high of $2.36.
Meanwhile, XRP is not alone in this recession. The token has followed a broader market trend, which has seen Bitcoin struggle to hold $95,000 and Ethereum drop below $1,800.
Further Downsides Imminent?
However, according to analyst BLOCK BULL, the worst may still be on the horizon for XRP. In his April 29 X post, he predicted further downsides, specifically targeting a drop below the crucial $2 support zone.
For context, the market analyst cited an XRP rejection from the tip of a bull flag pattern on the daily timeframe. The token could not overcome the resistance in the region, eventually receding by over 8% so far.
XRP Rejected from Bull flag
Following this downturn, the commentary predicts a steep price decline to $1.55, representing a 30% regression from the channel’s top and 28.6% from the current market price. Notably, the price mark aligns with the bottom of the flag pattern.
Meanwhile, BLOCK BULL insists that the possible capsize was only temporary and a perfect entry position. He urged investors to hold their bags, as whales capitalize on dumps of this nature for maximum profits.
Support Still Holding
Nonetheless, analyst BitGuru highlighted in a parallel tweet that despite XRP’s downside, it still holds a crucial support area. The high-ranking asset has corrected over 6% in the past two days, slumping from $2.30 to $2.15, yet the analyst noted that it has held above a consolidation range on the 1-hour timeframe.
XRP Trends Above Lower Timeframe Range
Meanwhile, the market watcher noted that a trend above the range’s support at $2.15 could spark a rapid price rebound to around $2.25 and possibly even higher prices. Interestingly, another analysis suggests the coin could pump to as high as $5 next month, a new all-time high.
In the meantime, XRP trades at $2.17, down 3% since the start of the day.
