XRP has fallen to $1.77, leading analysts to express concerns about further declines. If it remains below $1.80, the cryptocurrency may slide towards $1.50 due to heightened selling pressure.

XRP on the Decline

As of the latest reports, XRP is trading at approximately $1.77, experiencing a 5% drop within the past day and a 7% decrease over the week. The current trading range fluctuates between $1.73 and $1.87, marking its lowest levels since early October when it briefly dipped below $1.60.

The recent downturn in XRP’s value follows a significant correction across the cryptocurrency market, spearheaded by Bitcoin’s decline. This move has resulted in nearly $71 million in liquidations for XRP long positions, contributing to the prevailing bearish market conditions.

Analysts Project Potential Drops

Technical analyst ChartNerd has suggested that XRP might be undergoing a Wyckoff “Spring” pattern, potentially leading to a brief recovery if support levels hold. However, they cautioned that persistent weakness beneath $1.80 could indicate a detrimental market trend.

“The $1.50 target appears prominently across many of my short-term bearish fractals,” they mentioned. “Remaining below $1.80 boosts this likelihood.”

If this support area fails, many traders will focus on the $1.50 threshold, which has not been tested since October and is crucial on multiple charts.

Meanwhile, another analyst, BitGuru, highlighted that XRP could be stabilizing after a prolonged downturn, indicating previous buying interest in this region.

“Maintaining this zone could pave the way for a resurgence towards previous resistance levels,” they explained.

Additionally

Beyond price trends, Ripple’s previous CTO, David Schwartz, addressed online speculations about XRP pricing hitting $50 or $100. He maintained that while he couldn’t make precise forecasts, he advocated for logical thinking when evaluating large price predictions.

He recalled moments when he doubted XRP would even reach $0.25, underscoring the unpredictability of the market. He further advised caution against believing in viral claims without backing rationale.