XRP is going through tough times, witnessing significant drops in its value. This article explores the technical indicators and experts' forecasts regarding this cryptocurrency's future.
Current XRP Situation
XRP dropped below its key support level at $2.23 on Friday, falling by 4.65%, and is now trading around $2.15. If the price fails to climb back above $2.23, it may further fall to $1.96.
Technical indicators show that XRP is under pressure. The 24-hour trading volume has dropped by 37% to $1.51 billion, indicating cooling interest in the spot market. Futures activity has also slowed, with volume down 37.85% and open interest dipping to $3.9 billion.
The RSI is at 40.82, close to oversold levels, but no reversal signs are evident. Most moving averages signal sell, except the 200-day EMA, which still supports the long-term trend. The MACD also remains bearish. If XRP bounces back, it could retest the 50-day EMA near $2.27.
Future Predictions
Analyst Dark Defender recently shared that XRP is building a new weekly wave pattern, pointing to a potential surge towards $18.22-$23.20 soon. The $5.85 level serves as a key mid-target.
Some analysts expect XRP could jump to $25-$75 by mid-2025 due to new projects, legal updates, and ETFs creating supply shortages. Meanwhile, others expect a more conservative rise to $8-$10 by the end of the year, given its growing institutional appeal.
Long-Term Expectations for XRP
Despite current fluctuations, the market has high bullish bets, with many traders holding call options between $2.60 and $3+, indicating confidence in future growth. The most popular call is at $4, with significant upside expectations.
Therefore, while XRP faces short-term weakness, long-term predictions remain positive, with potential targets significantly above current levels.
