Ripple’s cross-border token has plunged by 5% over the past month to the current $1.07.
This is just above the crucial $1.06 zone, which, according to some analysts, can trigger the next decisive breakout.
Bulls vs. Bears
Ali Martinez believes that “everything comes down to $1.06 for XRP.” In his view, holding the line could open the door to a rally to $1.35 and even $1.64, whereas losing it might result in a potential slump to as low as $0.62.
X user ChartNerd has also stressed the importance of that level. The analyst noted that XRP found support at $1.06, but claimed there is heavy resistance remaining above the $1.08-$1.23 range and “prior ascending support was lost.”
“$1.16 remains the main roadblock ahead of the EMAs. Downward pressure remains until otherwise,” they added.
Shortly after, ChartNerd touched upon XRP’s bearish outlook amid the challenging times. They suggested that the asset may sweep even below $1 in the near future and that “would not be utterly surprising” given the market structure. At the same time, the analyst described such a potential downtrend as “another golden ticket entry in disguise.”
“The next few months are setting the stage for the next market repricing. Maybe the biggest yet,” they added.
Additional Forecasts
EGRAG CRYPTO and JAVON MARKS also gave their two cents. The former opined that XRP has lost the 50 MA and is approaching the 100 EMA, a zone that has historically provided strong long-term support.
The analyst labeled a possible retrace to the $1-$0.95 range as a “healthy macro retest while holding the 100 EMA.” They set $0.80 as “maximum downside” if XRP tumbles to the lower boundary of the long-term channel, but said the targets of $15, $27, and $50+ don’t shrink and rise in time.
As of now, it’s hard to imagine an explosion to even $15 since it will require the token’s market capitalization to skyrocket to nearly $1 trillion. But then again, no one really knows what the future holds.
JAVON MARKS was also bullish, albeit presenting a far more modest prediction than EGRAG CRYPTO. They claimed that XRP has shown a clear breakout of a key resistance trend and the price can respond by jumping beyond $3.50.
The post XRP’s Most Important Level: The Battle for $1.06 Begins appeared first on CryptoPotato.
Source: https://cryptopotato.com/xrps-most-important-level-the-battle-for-1-06-begins/
