Despite the slight recovery, the crypto sector remains suppressed under the ongoing bear market.
One popular analyst believes that Ripple’s XRP, which was heavily affected by the latest correction, may plummet under $1 in the short term, noting that such a move could turn out to be an excellent buying opportunity.
The Hidden Benefit?
As of this writing, XRP trades at around $1.15 (per CoinGecko’s data), representing a 12% decline from last Monday’s valuation. X user Ali Martinez said he is closely monitoring $0.90, adding that a slip to such a low level could present “a compelling long-term buying opportunity.”
Some of the commentators on the post doubted that Ripple’s cross-border token would tumble below $1. However, others revealed they have placed buy orders at $0.50, with Martinez describing this as “not a bad idea.”
The recent actions of the whales suggest that the price is at real risk of a further decline. Recently, these market participants offloaded 60 million tokens over a week, signaling fading confidence and potentially triggering panic among smaller investors, which could lead to a more serious sell-off.
Additionally, one anonymous whale opened a nearly $1.5 million short position on XRP. These big investors are often rumored to have inside knowledge of upcoming events likely to impact the token’s price. We have yet to see whether this whale will make a profit from the massive bet or whether this would turn into a reckless gamble.
Time to Rally?
Other analysts are quite optimistic that the worst is over, predicting a decisive comeback in the near future. X user CRYPTOWZRD said the asset closed the previous day on a bullish note, adding that a surge above $1.15 could offer an upside move.
For their part, Joshua Dalton envisioned a pump to the rather unreal (at least as of the moment) $3.50 by the end of June, while Zach Humphries revealed purchasing XRP for the first time in two years.
“The last time I bought XRP it was at $0.50 and scooping it up at $1.09 feels like a very similar opportunity,” they explained.
Institutional interest in the token remains solid, which could support a move higher. Unlike spot BTC and ETH ETFs, those with XRP as the underlying token have attracted a substantial amount of capital even amid the market crash – a sign that big players like pension funds and hedge funds continue to increase their exposure despite the bearish conditions.
The post The Ripple (XRP) Crash Scenario That Could Create Massive Opportunity: Analyst appeared first on CryptoPotato.
What’s next for XRP after dumping by double digits over the last week? Crypto Bits, Crypto News, Ripple (XRP) Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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