Ripple (XRP) Slumps 5% Weekly Yet Analysts Predict Major Rally Ahead: Details
TL;DR
Ripple's XRP token has dropped 5% this week, reaching its lowest point since the start of the month. Analysts, however, are optimistic about a potential rebound and a forthcoming bull run.
Key points
- Ripple's XRP dropped 5% this week
- Reached lowest level since the start of the month
- Analysts predict a potential rebound and bull run
Mentioned in this story
Donald Trump
Ripple’s cross-border token headed south over the past few days, plunging to its lowest level since the start of the month.
However, numerous factors and indicators suggest that a rebound could be on the way, while many analysts remain optimistic that a bull run is knocking on the door.
No Need to Panic?
The past 24 hours have not been favorable for the cryptocurrency market, with many leading digital assets posting substantial losses amid renewed tensions between the US and Iran. Recall that American President Donald Trump threatened the Asian country that the clock is ticking, warning them to act fast, “or there won’t be anything left of them.”
The US leader went even further, depicting himself in a spacecraft outside Earth and pressing a red button as countless bombs detonate in the background.
Ripple’s XRP is not among the few exceptions in green today (May 18) as its price fell to around $1.38 (according to CoinGecko). This represents a 5% weekly decline, returning to a level last observed nearly three weeks ago.
The pullback hasn’t managed to spread fear across crypto X, where numerous analysts remain bullish that XRP is gearing up for a major pump. The one using the moniker CoinForge, for instance, claimed that the asset looks “insane” right now and stands at a critical level that sent it up 700% last time.
“The MACD has just done a deep golden cross, and it is primed for an expansion. The target is just south of $5, and that would be a 240% jump,” they added.
JAVON MARKS and Celal Kucuker also made highly optimistic forecasts. The former argued that XRP is still “holding broken out” against BTC and has the potential to outperform by nearly 800%.
“This fulfilling, which a breakout similar to this one has done before, can result in XRP being priced above $10,” their analysis reads.
For their part, Celal Kucuker thinks the asset is ready for a massive breakout, claiming the valuation could exceed the ridiculous (at least as of now) $15.
Q&A
What caused Ripple's XRP to drop 5% this week?
Ripple's XRP decline is attributed to overall unfavorable conditions in the cryptocurrency market, influenced by renewed geopolitical tensions.
What do analysts predict for Ripple's XRP in the near future?
Analysts are predicting a potential rally for Ripple's XRP, suggesting that a rebound could be imminent despite recent losses.
How low did Ripple's XRP fall this month?
Ripple's XRP has fallen to its lowest level since the beginning of the month, marking a significant downturn in its value.
