Ripple co-founder Chris Larsen XRP While the news that his wallet was compromised caused the altcoin price to drop, the price rose very slightly and turned green.
Despite the relief rally in price, analyst thinks.
Due to popular demand, here the path I believe we are about to see for $XRP.
First down to .45-.47 cents, then bounce to .53-.57 and then down to .35-.40. Once .35-.40 is reached, I believe we are ready for a great move upside 🍻 pic.twitter.com/izsfiIEU4v— XRP_Shark (@XRP_Shark) February 1, 2024
NEWS CONTINUES BELOW
At press time, XRP was trading around $0.5048 after dropping below its 24-hour low of $0.49. Company, Ripple Although he stated that his corporate accounts were safe, the incident increased the selling pressure as the altcoin fell to its lowest levels in recent months.
XRP Price Has Room to Rise
While the altcoin price remains under selling pressure, analysts remain optimistic about the long-term move. Despite many opinions, he continues to warn that there may be corrections before the rally that will trigger the rise.
Shar pointed out that the price may remain stable for a while, but the importance of support levels such as $ 0.45 and $ 0.47. While a broader correction pressure will bring the $0.35 and $0.40 support levels into play, the upward resistance at $0.53 and $0.57 is noteworthy.
The analyst thinks that a selling pressure towards $0.35 could act as a support that will target $1.4 in the next bull run.
As Koinfinans.com reported, although such predictions are quite ambitious and long-term, many different analysts state that the general view remains good.