XRP Faces Drop to $0.38249 Amid Altcoin Downtrend; Analyst Predicts Path to Recovery

XRP experiences a significant drop amidst altcoin downturn, reaching $0.38249 on Bitstamp. Analyst Dark Defender remains optimistic on XRP’s long-term outlook, highlighting key support at $0.3917 and potential resistance at $0.4623. With RSI in oversold territory, a price recovery is anticipated. 

Meanwhile, new projects like Pawfury PAW gain traction, raising $4 million. XRP’s ability to hold above $0.3917 will be crucial for its immediate future.

In the cryptocurrency market, XRP saw a significant drop to $0.38249 on Bitstamp, reflecting a broader downtrend among altcoins. The cryptocurrency experienced a 12.4% decrease over the last 24 hours. Despite this decline, analyst Dark Defender maintains a positive outlook for XRP’s long-term performance.

According to Dark Defender, the crucial support level for XRP is $0.3917, identified as the Point of Control (POC)—the price point with the highest trading volume since 2014. The recent touch at this level suggests potential stabilization and reversal of the current downtrend. Dark Defender’s analysis highlights key Fibonacci retracement levels, with $0.4623 identified as a significant resistance point. He suggests that surpassing this level could lead to further gains, targeting $0.6649 and $1.8815, corresponding to 70.20% and 161.80% retracements, respectively.

The analyst also notes that the Relative Strength Index (RSI) is in oversold territory, indicating a potential undervaluation and possible price recovery. Comparing current RSI levels to those seen during major market bottoms in March 2020 and November 2022, he suggests a possible repeat of past recovery patterns.

While XRP’s market performance catches analysts’ attention, the cryptocurrency landscape is also witnessing significant traction towards newer projects like  Pawfury PAW, which is an innovative and community-driven cryptocurrency project that is attracting significant interest from users of other major cryptocurrencies. Recent successful presale efforts, raising $4 million, underscore Pawfury’s growing credibility and potential for substantial market influence.

For now, the ability of XRP to stay above $0.3917 is pivotal to its short-term trajectory. At press time, XRP traded at $0.41042, with analysts closely watching whether it can maintain this crucial support.