A Market Pundit’s Bearish Targets for XRP

A market pundit has outlined three bearish targets for XRP amid the latest slump on the back of the market-wide downtrend.

For context, this prevalent downtrend pushed Bitcoin (BTC), the leading crypto asset, below $80,000 for the first time since early November. Currently, BTC is down 16.48% this week, with the rest of the market collapsing alongside, and XRP suffering major losses.

In particular, XRP has dropped 23.23% over the past week, having lost several crucial support levels around $2. With the asset down by another 7.5% this morning, bears are now threatening to push XRP below the pivotal $2 mark.

Temporary Relief for XRP?

At this critical moment, market analyst Arina Karayi has presented three bearish targets for XRP in a TradingView analysis. Interestingly, the asset appears to have already fallen below the first bearish target at $2.23, which the bears decisively retook on Wednesday, Feb. 26.

However, Karayi predicts a potential short-term bullish recovery for XRP, possibly pushing its price above $2.5085, citing historical patterns of similar recoveries at this level.

Three Bearish XRP Targets | Arina Karayi

Nonetheless, the analyst believes this recovery would be short-lived. Karayi expects XRP might rise to the upper trendline of a descending channel established since mid-January. If this projected recovery retests the upper trendline at $2.6, another pullback is anticipated.

Bearish Targets for XRP

According to the analyst, sellers would regain control, making two additional bearish targets relevant. Below the first bearish target at $2.23 lies a second at approximately $1.96, indicating a drop beneath $2. Analysts believe XRP remains bullish if it holds above $2.

Presently, XRP is trading around $2.02, suggesting that a slight 2.97% reduction could trigger a decline to the second bearish target. It’s noteworthy that bears have seemingly ignored Karayi’s projection of a short-term recovery and are pushing for lower values.

Below $1.96 is a third bearish target at $1.57, reflective of lows witnessed in late November 2024. This target suggests a 22% decline from current levels and a 54% drop from the yearly peak of $3.4.

However, Karayi admits the bullish trend could be reinstated if Bitcoin’s dominance declines. Following a substantial decrease earlier this week, Bitcoin’s market dominance has increased to 60.84%. A decline in this metric could encourage more capital to flow into altcoins, providing them with a chance to show resilience.