Ripple’s native token, XRP, fell as low as $1.78 on Friday morning and currently trades at $1.84. Leading altcoin XRP is showing a weaker mood, losing nearly 10% of its value in one week. There are fears that an extended downturn will push XRP to the $1.60-$1.50 range. The scenario would bring it back to the November 2024 level and wipe out all profits.
Analyst Keertivasan took to TradingView, highlighting that XRP’s correction phase could endPrice increases are likely to follow. He said that investing in the token at this lowest point would be a good idea. His price prediction for XRP is $4.22. Institutional investors may also be interested in liquidity.
XRP Price to Bottom out in the Future
For the uninitiated, liquidity hunting is when large players, especially institutional investors, make prices reach the ‘stop loss’ orders placed by retail traders, initiating a sell-off and grabbing that liquidity to place their own trades. Orders are placed near support/resistance levels, where most retail traders keep their stop-loss orders. According to the analyst, liquidity could hunt for XRP at these levels.
“XRP/USD is in a correction phase in the weekly time frame. A lot of liquidity needs to be hunted before the next impulse. Once liquidity hunting is done, a strong impulse with the mentioned target in the chart is expected,” He wrote. According to the chart, the price of the top altcoin is expected to rise by $4.22.
This is a return of investment (ROI), or increase, of about 120% over its current $1.84 price. A $1,000 investment could grow to $2,200, if the forecast proves accurate. Bitcoin has fallen to $86,000 this week, putting the market on its back. Before taking a position in XRP, it is recommended that you do extensive research.
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Source: watcher.guru
