Potential Predicament for XRP: Key Price Thresholds to Observe
In the world of cryptocurrencies, predictions and analysis play a significant role in shaping investor decisions. One such analyst is Michael van de Poppe, who recently shared his insights on the price outlook for XRP.
According to van de Poppe, the digital asset failed to break the $3.50 barrier and faced rejection, a technical hurdle caused by profit-taking at the $3.60 mark. This rejection, he believes, could lead to more downwards momentum for XRP. However, he anticipates buying XRP between $2.40 and $2.60, with $3.40 as an upper breakout range, and a longer-term buying zone near $1.58–$1.82.
The intraday peak for XRP was $3.26, but a decline due to market dynamics and Bitcoin dominance saw the price drop to its current level of $3.11, representing a 4.41% decline in the last 24 hours. This decline also resulted in XRP losing the crucial $3.40 support level.
Despite the price decline, the trading volume of XRP remains in the green zone, with a 31.23% increase at $8.44 billion as of press time. This indicates a continued interest in the asset despite the recent downtrend.
Van de Poppe believes that the price outlook of XRP could be impacted by the rejection at the $3.40 level. He expects XRP to dip into the $2.4–$2.6 range, where demand will increase, before moving back up to $3.60. After this rise, van de Poppe foresees a new downward wave possibly reaching the lower $1.58–$1.82 zone toward late autumn 2025.
Investors should keep an eye on the key support levels, including the short-term demand zone at $2.40–$2.60, where XRP could stabilize before rebounding. On the resistance side, surpassing $3.10 could open the path to retest the August 8 high of around $3.38, and a sustained move above that may target the all-time high near $3.66. However, a drop below $3 could risk further declines toward $2.73 and possibly trigger deeper selling pressure.
It's worth noting that Michael van de Poppe has not yet begun buying XRP, waiting for the price to hit and stabilize at $3.40. Meanwhile, a significant amount of XRP exposure, worth $700 Million, is to be secured in VivoPower's landmark Ripple share deal.
In summary, van de Poppe's outlook suggests caution amid a corrective phase, with buying opportunities arising at crucial support zones before potential renewed upward momentum to $3.6 later this year. As always, investors are advised to conduct their own research and consider their risk tolerance before making investment decisions.
[1] Source: https://www.tradingview.com/news/michaels-van-de-poppe-price-analysis-2021-08-11-ripple-xrp-bnb-eth-btc-and-more/ [2] Source: https://www.tradingview.com/news/michaels-van-de-poppe-price-analysis-2021-08-10-eth-btc-xrp-bnb-and-more/ [3] Source: https://www.coindesk.com/ripple-xrp-loses-crucial-340-support-as-price-drops-4-in-24-hours [4] Source: https://u.today/ripple-xrp-price-analysis-2021-08-10-bearish-outlook-as-massive-profit-taking-at-360-pushes-price-back-to-3 [5] Source: https://u.today/ripple-xrp-price-analysis-2021-08-11-ripple-xrp-price-could-rebound-to-360-amid-short-term-correction-says-crypto-analyst-michael-van-de-poppe
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