A popular cryptocurrency analyst has recently made a daunting $XRP price prediction, suggesting that if the price of the native token of the XRP Ledger were to fall below its Fibonacci level at 0.382, around $0.40, a key support level for the last seven months, it could plunge to as low at $0.10.
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 37,000 follower analyst EGRAG CRYPTO noted that as long as the 0.382 Fibonacci level remains intact it’s hard to envision a bearish outlook for the cryptocurrency.
Nevertheless, approaching the idea of it breaking, the analyst noted that the “possibility of XRP dropping to 0.10c exists,” although he believes the probability of that happening “seems rather low.” Per his words, a black swan event would be necessary for the price of the digital asset to drop that low.
A black swan event, it’s worth noting, is a rare and unpredictable event that has a large and significant impact. The analyst added that if XRP does nosedive to that $0.10 level, investors “can grab it at a steal.” He suggested that “traditional players, such as banks, institutional investors, and hedge funds, might deliberately crash the price to snatch up XRP at bargain prices.”
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The analyst concluded that from a technical perspective, XRP dropping to that level “seems unlikely,” as there are “no clear technical indicators pointing to such low prices, except in the case of a black swan event.”
In the post, EGRAG CRYPTO pointed out they are bullish on the cryptocurrency and suggested their XRP price prediction is an “exercise in mental preparedness, envisioning a unique opportunity to scoop up XRP at incredibly low prices.” They remain bullish on XRP, but added “no one can perfectly time the market.”
As reported, after as the U.S. faces a “debt death spiral” of $33 trillion, analysts from Jefferies have now cautioned that the Federal Reserve may have to resume its money printing—possibly causing the U.S. dollar to crash and boosting the price of the flagship cryptocurrency as it competes with gold.
The death spiral could be beneficial for “critical hedges” that include Bitcoin and gold, and could potentially influence other cryptocurrencies like XRP if BTC does surge.
Featured image via Pixabay.
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- Source: https://www.cryptoglobe.com/latest/2023/10/startling-xrp-price-predictions-sees-token-crash-to-0-10-if-it-drops-below-key-support-level-analyst-suggests/
