Confidence in XRP is quickly eroding. The price of the cryptocurrency has been losing ground for months and is under heavy pressure after breaking through several support levels. A respected analyst warns of a further decline towards the psychological level of $2, a point that seemed highly unlikely just a few weeks ago.
XRP price is losing grip
Analyst Ali Martinez warns on X that XRP “appears to want to fall back to $2”. According to him, the pressure on the price has increased after the currency broke through several important support levels.
The situation surrounding XRP has completely changed compared to a few months ago. At the beginning of July, the currency peaked at an all-time high of $3.65. Since then, XRP has fallen by almost 33 percent.
At the current rate of $2.44, a further drop to $2 would amount to another 18 percent loss. A drop to $2 would also bring XRP back to June levels, just before the currency started a stormy rally towards new record highs.
In another X post, Martinez points to $2.80 as a strong resistance level that XRP must break through to regain upside momentum. On the downside, $2.10 is considered the next major support level.
Although Bitcoin (BTC) and Ethereum (ETH) are also under pressure, XRP is losing relatively more value. In the past week, the token fell 13.7 percent, compared to losses of 9.8 percent for BTC and 8.1 percent for ETH. This reinforces the fear that XRP will also perform worse than other major cryptocurrencies in the near future.
Trade tensions hit crypto hard
The current uncertainty in the market has to do with Trump’s trade policy. Last weekend he again threatened to impose tariffs of up to 100 percent on Chinese products, in response to new export restrictions from China on rare earth metals. It is still unclear whether these levies will actually be introduced (as of November 1).
According to Treasury Secretary Scott Bessent, trust between Trump and Chinese President Xi continues to play a key role. “We are in contact with China,” Bessent said. “The trust between Trump and Xi is one of the reasons that the situation has not escalated further.”
Another analyst remains optimistic
Yet there are also analysts who remain optimistic about XRP. Analyst Alex Cobb sees room for an explosive increase right now. According to him, “Bitcoiners should be concerned” about XRP’s next move.
As long as the price remains above the support zone between $1.61 and $1.70, he believes the upward scenario remains intact. According to him, a breakthrough above $3.31 will result in smashing records, ranging from $8.29 to even $26.63.
Source: https://newsbit.nl/crypto-analist-waarschuwt-xrp-lijkt-terug-te-willen-naar-2/
