XRP Faces 19.30% Monthly Decline, Analysts Predict Further Drops

The cryptocurrency market is currently experiencing a bearish trend, with the value of the top 10 coins, including XRP, declining. Joao, a prominent crypto analyst, has shared his predictions for XRP, noting that the token is likely to enter a long-term distribution phase characterized by high volatility. According to Joao's analysis, XRP's market dynamics are weakening, and this trend is expected to continue throughout the year, potentially leading to a significant price drop to $0.10. This would mark a new low for XRP, even below the levels seen during the COVID-19 pandemic. Following this decline, Joao predicts a small recovery to $0.40.

However, Joao also presents a bullish scenario where XRP's price could rally between $5 and $6.80, with an average peak in the $5.5 to $5.7 range. He cautions that the market's performance, including XRP, will be influenced by broader macroeconomic challenges such as trade wars, Bitcoin's value, overall market sentiment, and the supply of XRP tokens.

Another analyst, John, has also shared a bearish outlook for XRP, predicting a sharp price drop to $0.3827 by 2024. This projection is supported by a bearish engulfing pattern observed on the weekly price chart. Currently, XRP is trading around $1.75, marking a 7.91% decline in a day, a 16.05% decline in one week, and a 19.30% decline in one month. This also represents a 54.56% drop from its all-time high of $3.84 reached in January 2018.

Egrag Crypto, another well-known analyst, has also provided a bearish projection for XRP. According to his analysis, there is a 70% chance of an XRP price crash to $0.65 due to a broadening wedge pattern. Additionally, CasiTrades has highlighted the significance of the $1.90 level, suggesting that if XRP can maintain its value above $1.55, a bullish breakout could be imminent. CasiTrades also noted that April 7 marked the creation of new RSI extremes for the XRP token, indicating the extent of the downtrend.