XRP price slumps below US$0.6 as the crypto market turns bearish. What's Next?

Crypto News: XRP, the native token of the Ripple network, has experienced a sharp decline in its price in the past week, falling below the US$0.6 mark and losing ground to other major cryptocurrencies. As of this writing, the current XRP price is US$0.56723 per (XRP/USD) with a market cap of US$30.784 Billion. The drop in crypto price came amid a strong rally in the cryptocurrency market, led by Bitcoin, which surpassed US$42,000 for the first time after nearly two years.

Market capitalization of XRP sparked a cyclone of conjecture following significant whale activity on Monday. The whale transfer, which involved transferring tokens to a centralised exchange, sparked enormous interest among crypto market enthusiasts because it occurred during a big price decline for the asset.

Price fall of XRP

As of writing, the XRP price has dropped 3.84% in the last 24 hours and is now trading at US$0.56723. Furthermore, the token fell 4.84% during the last week, consistent with pessimistic market expectations for the token. However, the token's 24-hour trading volume increased significantly, climbing 32.87% to US$919.65 million.

Despite the negative factors, XRP still has some potential to bounce back and regain its momentum. The token is currently trading at US$0.56723, which is close to its next major resistance level and it is predicted that it could trigger a bullish rally towards US$0.7 and beyond.

XRP is predicted to reach US$5 In 90 Days

Crypto researcher Egrag Crypto has made a bold forecast as to the future trajectory of the XRP price and declared when exactly the cryptocurrency will attain this price level. Given XRP's current pricing, it will undoubtedly be fascinating to see how this prediction pan out.

Egrag stated in an X (previously Twitter) post that XRP will reach US$5 in 90 days. Along with that, the expert predicted that XRP's stratospheric rise has only just begun, with the US$5 level representing the "initial wave 1 of a prolonged bull market." He thinks that this bull market will endure for several months, providing XRP plenty of time to realise all of Egrag's optimistic forecasts.

The analyst highlighted these optimistic goals in a later piece, noting that they have not altered. Egrag forecasts that XRP will touch US$1.2, US$1.6, US$7.5, and US$13 before reaching US$27.

Egrag is one of the experts that are most optimistic about XRP's future, despite its present price behaviour. His most bullish prediction until yet is that XRP would soar to $2,500 by 2029. Throughout the process, he has pushed XRP holders to be more patient, as excellent things await those who persevere.

Notably, Egrag owes his belief to the extensive research he has conducted on the price fluctuation of XRP over the years. Another reason he appears to have become more positive on XRP is the regulatory certainty that it has. He once stated that this makes XRP the "safest investment choice."

XRP Price Chart Analysis

Meanwhile, Egrag sees the US$0.55 level as "significant support for XRP," and does not expect the weekly candle to close below US$0.50. He also stated that the "edge of the atlas line looms at US$0.43." However, he does not expect XRP to fall to that price level. Instead, he has chosen to focus on the larger picture.

Meanwhile, crypto expert Crypto Rover projected a parabolic breakthrough for XRP.  He, like Egrag, specified a timeframe, stating that it will take place in the "upcoming 8 weeks." However, his prognosis appears to be more conservative than Egrag's US$5 projection, since the graphic Rover gave indicated that XRP may increase to little more than US$1.

Conclusion:

XRP is facing some challenges and difficulties in the crypto market, which have caused its price to fall below US$0.6 and lose ground to other major cryptocurrencies. However, the token still has some potential to recover and regain its momentum, if it can overcome the negative factors and capitalize on the positive ones.