XRP, the fifth-largest cryptocurrency with a market value of $116 billion, has seen its price drop nearly 7% in the past week, falling below the key $2 psychological level. Heavy selling by big holders has kept XRP under pressure, making traders cautious for now.
However, crypto analyst Dark Defender believes the drop may be over and says XRP could rally up to 200% once the market steadies.
XRP Price Falls Below $2
XRP slipped under $2 for the second time since late November, reflecting growing caution across the crypto market. The decline comes as Bitcoin and Ethereum also struggle, dragging overall sentiment lower.
One major factor behind XRP’s drop is selling by large holders. Over the past four weeks, whales have reportedly offloaded around 1.18 billion XRP. This steady selling has added strong downward pressure, while price charts continue to show lower highs, a sign of short-term weakness.
Right now, traders are watching important support levels. The first support sits near $1.88, with a stronger base around $1.75.
If XRP holds these levels, the price could stabilize. A move back above $2 may then open the door toward $2.40 in the coming weeks.
Spot XRP ETFs Outperforming BTC, ETH
Despite XRP’s recent price decline, institutional interest remains firm. U.S. spot XRP ETFs have now recorded net inflows for 30 straight days since launching on November 13, pushing total assets close to $1.18 billion.
On December 15 alone, XRP ETFs attracted nearly $11 million, even as Bitcoin and Ethereum funds posted heavy outflows. This suggests growing confidence among large investors in XRP’s long-term roles.
XRP Price Eyes 200% Jump to $5.85
While many retail traders are fearful, a well-known crypto analyst, Dark Defender, who successfully predicted XRP’s recent drop, believes the token has completed its correction phase, now sees a 200% jump.
According to his analysis, the XRP price has finished “Wave 4” in the complex Elliot Wave pattern, a framework used to forecast market cycles. Having successfully predicted the previous targets of $1.88 and the July peak near $3.66, he is now calling for a massive breakout.
The analyst’s next target is a surge of over 200% to $5.85, a move he believes is imminent once the market stabilizes and Bitcoin’s dominance lessens.
On the flipside, if XRP price fails to hold this level at $1.75, XRP could see further downside towards $1.5.
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