20 January 2024
XRP is currently at a critical juncture, as crypto analyst CoinsKid has pointed out. The analyst has raised concerns about the altcoin’s immediate future and emphasizes the urgent need for bullish momentum to prevent a significant downturn.
Bulls Should Step In Quick
In the post shared on X, CoinsKid stressed that if the bulls don’t step in soon, XRP could face a drastic “macro correction,” potentially plummeting its price toward the $0.38 level. This warning follows a period of declining prices for XRP, which has seen the asset struggle to maintain its value.
The analyst elaborated, “Squeaky bum time. TICK TOCK,” highlighting the urgency and the nervous anticipation surrounding XRP’s price movement in the coming days.
This sentiment reflects a broader concern among XRP investors and market observers. The lack of bullish activity in the recent period has left XRP vulnerable to further losses, raising fears that it could slide to its lowest levels in months.
The potential drop to $0.38 would represent a loss in value and mark a new phase of uncertainty for the cryptocurrency. This comes when the broader crypto market is experiencing its own challenges, with various assets facing downward pressure.
We need to see the bulls step in here for #xrp. Otherwise, we could see a bigger macro correction play out towards the 0.786 at $0.38
Squeaky bum time. TICK TOCK pic.twitter.com/jKlBsiXu6h
— CoinsKid (@Coins_Kid) January 19, 2024
XRP Price Action And Bearish Confirmation
XRP’s recent market performance has been far from reassuring for its holders. Over the past week, the asset has seen a decline of more than 10%, and so far, this bearish trend shows no signs of abating. The altcoin is trading below $0.53, a drop of nearly 5% in the past 24 hours.
This downward trajectory is further corroborated by crypto analyst Ali, who has pointed out that should XRP breach the $0.55 level, the altcoin could tumble down to as low as $0.34. Such a drop would take the altcoin to a price point not seen since April 2023, an alarming prospect for investors and the XRP community.
$XRP is currently grappling to maintain its footing at the crucial $0.55 support level. Should this support fail to hold, be prepared for a possible sell-off scenario that could see #XRP descending toward $0.34! pic.twitter.com/6oKObjpnnm
— Ali (@ali_charts) January 18, 2024
Despite this downturn, XRP’s daily trading volume has remained relatively stable, fluctuating between $1.4 billion and $1.2 billion over the past week. At the time of writing, Altcoin’s trading volume was around $1.28 billion.
Featured image from Unsplash, Chart from Tradingview