The month of April was notably volatile for XRP coin investors.
Starting at $2.0897, XRP experienced a surge from April 9-12, exceeding a 20% increase and reaching a local peak of $2.3618 on April 28. However, the subsequent downturn prompted caution among investors. Since April 29, the price has retreated by 3.98%, with an additional 2% drop in the last 24 hours causing division among analysts regarding its future direction.
Short-Term Drop Possible in XRP Coin
Some market observers warn of a potential sharp decline for XRP in the coming days. Notably, the crypto analyst BLOCK BULL highlighted that XRP faced rejection from the upper limit of a rising bull pennant. Following this technical event, the analyst predicts XRP could fall to $1.55, indicating a near 30% drop from its recent peak.
While such forecasts may lead to panic among investors, some experts argue that these pullbacks are intentionally orchestrated by market makers. They believe that big players are pushing prices down to accumulate more XRP. In essence, this decline scenario might be a short-term event, insignificant enough not to overshadow XRP’s long-term potential.
Hopeful Long-Term Indicators for XRP
Even under the shadow of pessimistic forecasts, many analysts remain optimistic about XRP’s future. Ripple’s success in its legal battle with the U.S. Securities and Exchange Commission (SEC) is seen as a strong pivotal point for XRP. This legal clarity has significantly reduced uncertainties, boosting the confidence of institutional investors and paving the way for broader adoption of XRP.
Experts, including BLOCK BULL, note that during price drops, large investors known as “whales” are making purchases. These acquisitions could lay the foundation for a new price rally in the future. Analyst BitGuru views the $2.15 level as a crucial support point. If XRP manages to hold above this level, the possibility of reclaiming $2.25 or even higher levels could come into play.
BitGuru emphasized that long-term investors see these fluctuations as natural and believe the true value of XRP will become clearer over time. Despite short-term market turbulence, growth expectations based on fundamental indicators might once again bring the altcoin into the spotlight.