XRP's recent price drop has sparked interest among investors and analysts. Prominent crypto analyst Steph Is Crypto shared his observations and recommendations regarding the current market situation.
Reasons for XRP's Recent Decline
In a recent video, Steph Is Crypto discussed XRP's recent price decline, framing it as a short-term correction within a broader uptrend. He emphasized that despite the noticeable drop, the overall trend remains positive.
Support Levels
The analyst applied Fibonacci retracement to identify key support levels. He pointed out $2.98, $2.93, and $2.87 as important zones for traders to consider. Steph also noted that the current pullback could present opportunities to enter the market.
Growth Prospects
Steph views the correction as a healthy part of the market structure rather than a sign of a trend reversal. He outlined a target price of around $3.64 following the recent breakout, while also warning of a potential correction in a few months.
In conclusion, according to Steph Is Crypto, the current drop in XRP's price should be viewed as a temporary phenomenon rather than a signal of a long-term decline. Significant growth potential remains if the price can hold above key support levels.
