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XRP has been caught in the broader market downturn over the past week, shedding 19% of its value amid a wave of bearish sentiment. This downturn comes despite the fact that many analysts remain optimistic about its long-term prospects. One particular technical analyst has now weighed in on when it would be wise to buy XRP, warning that its short-term outlook is shaky and its price may continue declining.
Analyst Identifies The Ideal Buy Zone For XRP
The past week has been challenging for XRP holders as the token has struggled to maintain key support levels. Its inability to hold these levels has pushed it closer to the $2 mark. However, the latest technical analysis suggests that this decline may not be over yet, and a further downside movement appears likely.
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This XRP price decline has caused growing uncertainty among many retail investors, especially because XRP is increasingly becoming the choice of coin for retail investors in this cycle. Given XRP’s growing reputation as a retail favorite and its long-term bullish potential, this decline would be the best time for bullish investors to load up on more tokens. However, a crypto analyst recently warned that the current price is not the ideal entry point for those looking to capitalize on the coin’s bullish potential.
Although XRP is one of the most promising cryptocurrencies from a technical perspective, the timing of purchases is also important. In a post on X, the analyst noted that XRP is the “retail coin,” often drawing attention from new investors who are convinced it will reach extreme price levels like $100. Despite this bullish momentum, he cautioned against buying at current prices, stating that the best time to enter would be if XRP dips to the $1.6 to $1.5 range. What this means is that the current trend suggests more downside movement in the short term, and it would be wiser to wait more before accumulating.
Long-Term Bullish Case Despite Short-Term Weakness
Even as XRP’s short-term outlook appears bearish, the analyst remains aligned with those expecting a major price surge in the future. Several technical analyses have painted an optimistic picture, with some projections placing the altcoin well beyond the double-digit threshold. One analyst, in particular, has even predicted a rally to $27 despite the ongoing market downturn.
The idea that XRP could eventually reach double and triple-digit valuations continues to attract investor interest, but this projection depends on market conditions and broader adoption trends. In the meantime, holders are struggling, without much success, to prevent a decline.
At the time of writing, XRP is trading at $2.16, down by 7.04% in the past 24 hours. The onus now is on whether the price can hold above $2. Even if it breaks below this level, it only opens up the possibility of an accumulation range between $1.6 to $1.5.
Featured image from Adobe Stock, chart from Tradingview.com
