XRP has dropped 5% over the past month to $1.07, trading just above the $1.06 level several analysts say will decide the token's next move. Bulls point to a possible rally toward $1.35 or higher if the line holds, while one analyst warns of a slump toward $0.62 if it breaks, and another sees XRP potentially dipping below $1 in the near term regardless.
XRP is changing hands at $1.07, a whisker above the $1.06 zone that XRP chart watchers now treat as the line separating a rebound from a deeper slide. The token's monthlong slide has put that single price zone at the center of traders' attention, with rival camps offering sharply different forecasts for what comes next.
Bulls and Bears Split on the $1.06 Level
Crypto analyst Ali Martinez says "everything comes down to $1.06 for XRP." In his view, holding the line could open the door to a rally toward $1.35 and as high as $1.64, while losing it might send the token down to as low as $0.62.
X user ChartNerd has also stressed the importance of that support level. The analyst noted that XRP found support at $1.06 but faces heavy resistance above the $1.08-$1.23 range, after previously losing its ascending support. ChartNerd added that $1.16 remains the next hurdle before XRP's key moving averages, with downward pressure persisting until that changes.
ChartNerd further suggested that XRP may sweep below $1 in the near term, saying such a move would not be surprising given the market structure. Still, the analyst framed a deeper slide as another buying opportunity in disguise, arguing that the coming months are setting the stage for the market's next repricing, possibly its largest yet.
EGRAG CRYPTO Flags the 100 EMA as Long-Term Support
EGRAG CRYPTO said XRP has lost its 50 MA and is approaching the 100 EMA, a zone that has historically provided strong long-term support. The analyst called a possible retrace to the $1-$0.95 range a healthy macro retest as long as the 100 EMA holds, and set $0.80 as the maximum downside if XRP falls to the lower boundary of its long-term channel. Still, EGRAG maintained that its longer-term targets of $15, $27, and $50+ don't shrink and instead rise over time.
Source: CryptoPotato
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