Cryptocurrency analyst CasiTrades warns that Ripple’s XRP faces increasing weakness and could fall to $0.87. The altcoin is struggling to hold the $1.30 range amid broader market uncertainty fueled by macroeconomic pressures. Aggressive selling and broken support levels suggest a fast and aggressive move downward is possible if current levels break.
Weakness in Ripple’s native token XRP is rising with limited upside potential. The chances of the altcoin plunging below the $1 level are surging due to weak macroeconomic effects.
Leading cryptocurrency analyst CasiTrades shared a chart showing lower support levels are being cut short. She explained this highlights sellers remain in control, which can negatively affect XRP’s price.
While XRP tries to hold the $1.30 range, a leg down could take its price to $1.09 and $1.06. This comes with aggressive selling as traders are skeptical about the economy due to the Middle East conflict and rising oil prices.
“Right now, price is trying to hold around $1.31, but this level is a future resistance point (W4 extreme). It makes sense we’re stalling here. Once this level breaks, the move down could be fast and aggressive,” wrote the analyst. A slide from current levels could make a quick recovery impossible.
The leading altcoin is currently trading around $1.30 and has slid nearly 13% in two weeks. The broader cryptocurrency market is on edge as the Middle East conflict persists.
Bitcoin is trading around $68,000 and struggling to climb above $75,000. If Bitcoin heads south, Ripple’s XRP would also slide faster in the indices.
