Ripple’s lackluster price action over the past several months has left many XRP investors with a feeling of disappointment as it remains stagnant while Bitcoin and other large cryptocurrencies incur large gains that have put a significant amount of distance between their current prices and their recent lows.
Now, one prominent crypto analyst is claiming that XRP has hit a price point that makes it “do or die time” for the embattled cryptocurrency.
Ripple (XRP) Dips Below $0.30 During Recent Market Downturn
At the time of writing, Ripple is trading up less than 1% at its current price of $0.296, down slightly from its daily highs of just over $0.30.
XRP dropped below the $0.30 earlier this week when the entire crypto markets fell after news broke surrounding the New York Attorney General’s investigation into potentially fraudulent activity being conducted by the highly controversial stable coin Tether (USDT) and related cryptocurrency exchange Bitfinex.
Historically, Ripple has found significant support around its current price levels, and analysts believe it may currently be oversold.
The Cryptomist, a popular cryptocurrency analyst on Twitter, said in a recent tweet that she believes XRP is due for a bounce in the coming week.
“$XRP We are upon the .786 fib region as Weekly RSI is overdue a bounce (beware of any traps). Daily RSI pennant, we should break upwards by 4th may towards larger RSI resistance (36). Break of this 36 RSI resistance should sustain ground if BTC behaves,” she explained.
XRP Hits “Make or Break” Price Point
Because Ripple is currently hitting a historical level of support, it is critical that it holds above its current price levels or else a significantly further price drop could be imminent.
Peter Brandt, a popular analyst on Twitter, spoke about XRP in a recent tweet, concisely noting that it is “do or die time for the $XRP bag holders.”
Ryan W, another popular crypto analyst on Twitter, also spoke about the cryptocurrency’s current price action, explaining that bulls need to retake $0.30 or else significantly further losses could be imminent.
“$XRP weathered the storm better than I expected finding support at $0.28. Though the lack of buyer interest at this level is concerning. This will need a few days to play out as well. Bulls need to retake $0.30,” he said.
As the weekend trading session continues on and the new week begins, traders and analysts alike will likely gain greater insight into whether or not Ripple is able to hold support and climb higher, or if significantly further losses are imminent.