While the XRP price remains stable today, the global crypto market is moving towards the green zone. Among these developments, an expert Ripple $2.3He set $10 as the long-term target for the asset, while predicting key support levels for the native cryptocurrency. However, along with this optimistic outlook, the analyst warned that the cryptocurrency could fall to the $1.5 level before the breakout.
Factors That May Increase the XRP Price
The XRP price has been on investors’ radar, especially due to the upcoming deadline for the US SEC to file its opening statement regarding the Ripple case. Additionally, Ripple CLO Stuart Alderoty and CEO Brad Garlinghouse recently shared a dinner with Donald Trump, fueling speculation.
At the same time, speculation about a potential XRP ETF approval has also increased among investors. With Trump being sworn in on January 20, optimism has risen regarding pro-crypto regulatory developments in the US. Additionally, the recent dinner meeting sparked discussions of a positive environment for Ripple and its native cryptocurrency.
XRP Price May Drop to $1.5
Leading market expert Ali Martinez stated that the XRP price carries a serious risk of decline. Predicting that the cryptocurrency could face a sharp decline if it breaks the triangle formation downwards, Martinez stated that in this scenario, Ripple’s local cryptocurrency could drop to $1.5.
“XRP offers two potential entries,” Martinez said, supporting the long-term bullish expectation.
While Martinez maintained his $10 target for XRP, he increased the cryptocurrency’s confidence in the asset and established market confidence.
Performance of Ripple’s Native Crypto
While the XRP price was traded at $2.31, down 0.55%, its trading volume increased by 30%, reaching $5.4 billion. The cryptocurrency touched a 24-hour high of $2.33 and a low of $2.24. On the other hand, the cryptocurrency’s futures open interest decreased by 0.4% to $4.25 billion.
Ripple Labs’ recent transfer of 300 million XRP led to speculation in the markets. However, most considered this transaction as an internal transfer of the token. As a result, although XRP may decline in the short term, it appears to have the potential to rise in the long term.
The expert’s $10 target continues to support market sentiment and signals that the cryptocurrency is on a long-term recovery trend.
Following developments regarding Ripple and XRP may be important for investors. Legal proceedings and regulatory developments could have a major impact on the future of cryptocurrency.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
