Ripple: Will XRP Fall to $0.10 Next? Analyst Weighs-in

Ripple’s native token XRP rallied last month from a low of $0.36 to a yearly high of $0.57. XRP spiked nearly 60% in March delivering stellar profits to investors in a short period. However, the cryptocurrency began retracing in price in April and shed most of the gains that it generated in March. XRP is currently hovering around the $0.45 mark and is down nearly 3% in the last 24 hours.

Also Read: BRICS Countries Buying Large Amounts of Gold To Topple the U.S. Dollar

XRP/USD Chart by TradingView

The bulls are unable to achieve the $1 target as the bears are pushing its price down due to sell-offs and profit bookings. A cryptocurrency analyst predicted that XRP could slide further and fall to $0.10 in the coming months. Taking the prediction into account, the pseudonymous crypto analyst Egrag weighed in on the possibility of XRP falling to $0.10.

Will XRP Crash To $0.10?

According to Egrag, XRP has fewer chances of falling to $0.10 from its current price of $0.45. He added that the cryptocurrency falling 76% is not supported by key technical indicators or Fibonacci targets.

“I want to explore his idea that XRP going to 0.10c is clear and somehow inevitable. All I can say is that XRP is still respecting major Fib targets & major Key Technical indicators and Analytical tools. However, going back to 0.10c is not directly related to any key point or any Fib targets or any indicator other than stating own opinion such as we need to retest 0.10c range,” he tweeted.

Also Read: Bitcoin Whale Moves $11 Million After Sleeping for 12 Years

Egrag forecasted that XRP could fall to $0.10 only if bad news about any regulatory action takes center stage. Until then, he estimated that the cryptocurrency slipping 76% from its current price is extremely low.

At press time, Ripple’s native token is trading at $0.45 and is down 2.3% in the 24-hour day trade. The crypto is also down 86.47% from its all-time high of $3.40, which it reached in January 2018.

  • Ripple
  • xrp

Comments

Post a Comment

Popular posts from this blog

Xbox crypto wallet rumors raise hopes: How other tech giants navigate cryptocurrency

Uncover how major tech companies are exploring the cryptocurrency frontier. From patents to partnerships, delve into the unique approaches and initiatives leading the tech-crypto integration narrative. In a significant trend, major tech companies are increasingly getting involved in the world of cryptocurrencies. This growing connection suggests a future where digital currencies could play a pivotal role in our tech interactions. Amid this, the recent revelation about Microsoft’s plans to integrate a crypto wallet into its Xbox platform adds a new layer to this narrative, offering a glimpse into how tech giants might be leaning towards embracing cryptocurrency . Now, let’s explore how other major tech players are venturing into the crypto realm to better understand the overall landscape. Microsoft: a glimpse into the future The leaked documents concerning Microsoft’s ambitious plan to meld Bitcoin wallet s with its popular Xbox gaming platform have sparked exc...
Read more

Racy Beeple SBF artwork becomes his first to enter museum permanent collection

Image
The Castello di Rivoli Museo d’Artte Contemporanea in Italy has made a significant addition to its permanent collection , marking a milestone in the world of digital art. The museum has acquired its first non-fungible token (NFT) artwork , a provocative piece created and donated by the renowned digital artist Beeple. The artwork, named “FTX Board Meeting, Day #5676 11.13.2022 (2023),” is a unique blend of digital and traditional art forms. It exists both as a one-of-a-kind NFT and an oil painting. The piece, rendered in Beeple’s distinctive hyperreal style, imagines a day in the server room of the now-defunct crypto exchange, FTX. Carolyn Christov-Bakargiev, the museum director, expressed her appreciation for Beeple’s work, stating it represents a significant contribution that brings a 21st-century medium into the museum’s collection. The artwork, she noted, combines the digital and physical realms in a compelling way. The piece is not withou...
Read more

Marathon Digital Holdings enhances Bitcoin mining operations

Marathon Digital Holdings reported a production of 1,202 Bitcoins in October, selling 961 to cover costs, with a remaining holding of 13,396 unrestricted BTC as of month-end. Marathon Digital Holdings, Inc., a major player in the Bitcoin mining sector, has shared a snapshot of its performance and ongoing developments for October 2023. In the latest update, the company detailed a slight increase in its energized hash rate, signaling continued growth in its mining capabilities. Fred Thiel, Marathon’s Chairman and CEO, noted a 1% rise in the energized hash rate, now reaching 19.2 exahashes. This advancement is particularly attributed to the progress in the company’s Garden City, Texas facility, which contributed 4.1 exahashes. As this site approaches full operational capacity, Marathon is set to exceed its target of 23 exahashes, aiming to become the largest Bitcoin miner in North America. Marathon’s presence is not just growing in the U.S.; its international ventur...
Read more