Cryptocurrency XRP is trading near $0.87, showing weak market sentiment and a nearly 2% daily decline. Pseudonymous analyst Invest With D warns the correction is not over, predicting a potential drop to $0.90 and a possible bottom at $0.87. The broader crypto market faces pressure, with Bitcoin also experiencing volatility.
The cryptocurrency XRP is trading at the $0.87 level and displaying weak sentiment in the charts. The leading altcoin is already down close to 2% in the day’s trade and is close to falling below the $1 mark.
Leading pseudonymous cryptocurrency analyst Invest With D shared a chart explaining that XRP has returned to a critical Fibonacci support level. The analyst stressed that the correction in Ripple’s native token is not over yet and could see further declines.
Invest With D predicted that XRP could bottom out at around the $0.87 level. That represents a decline of close to 19% from its recent price near $1.08.
The analyst noted that a failure to hold key levels could push the altcoin below $1 to $0.90. Therefore, XRP is now in testing times, and a leg down could make it plunge to that $0.90 range.
The broader cryptocurrency market is under immense pressure due to global macroeconomic factors. Bitcoin also fell to a low near $59,000 but managed to recover toward $61,000.
This led to XRP weakening further, as the altcoin often moves in tandem with Bitcoin. Some analysts advise waiting for further dips before taking an entry position in the altcoin.
