- Altcoin XRP reaches major macro support level at $1.09.
- Failure to break past two resistance levels could lead to a fall to the price target under $1.
- Will the price of XRP surge to hit higher targets instead?
The crypto market is undergoing a heavy drop in prices. At the moment, the pioneer crypto and altcoin assets, Bitcoin and Ethereum, are down by a significant amount in under 7 days. Presently, BTC is trading at the $63,000 price range while ETH is trading at the $1,600 price range. Meanwhile, altcoin XRP reaches major macro support level at $1.09, leading experts to debate if a lower wave is next or a surge to higher targets.
Altcoin XRP Reaches Major Macro Support Level at $1.09
For Ripple’s native token XRP, the asset saw two significant price surges that brought the price of XRP from under $1 to almost $3 over the last bull cycle. Now, in what seems to be the thick of the ongoing bear market phase, many expect the asset to set a bottom before finally surging back to higher highs. Despite the current stage of the crypto market, many expect new highs this year.
This is especially because, despite XRP’s two small surge, the asset failed to reclaim its previous ATH price set about 8 years ago, leading to many disappointed XRP asset holders. Now, despite the many bear market calls, experts believe XRP still has not had its bull run and believe an incredibly bullish run for many crypto assets, including XRP will likely occur before the end of the year.
Lower Wave Ahead or Surge to Higher Targets?
According to CoinMarketCap analytics, the price of XRP is currently trading at the $1.17 price range, showing that the altcoin is up by over 2.7% over the last 24 hours. As for the 7-day view, the asset is down by over 7%, and its lowest price was hit at $1.06. This low target hit got many technical analysts to celebrate, for it was a prediction that the price of XRP would dip as low as $1.09 before a possible surge.
As we can see from the post above, this popular trader confirms how this is a level we have been waiting for months for the price of XRP to hit. As XRP reached the major .786 macro support at $1.09 perfectly on Coinbase specifically, the analyst confirms how well the daily timeframe is respecting it so far. For what’s next, she focused on the reaction, which will be to see if the bounce will allow XRP to beat two key resistance levels at $1.19 and $1.27.
The expert concludes that both levels are valid and keep the larger correction alive, which would leave the possibility for a deeper low toward the $0.90 support zone (0.854). On the other hand, if XRP starts showing real strength and pushes through resistance, we might have to consider that the market may be building a new trend rather than preparing for another wave lower.
