**Summary:**
– XRP is hovering near critical support at $2. Analysts suggest a rebound could push it toward $2.80, but failure may lead to short setups and deeper pullbacks.
– Recent massive whale sell-offs increase the risk of further correction.
**Can Bulls Regain Control?**
Ripple’s XRP experienced a significant resurgence on March 19 when CEO Brad Garlinghouse announced the end of the legal battle with the US SEC. The price surged to $2.60 but quickly declined in the following days. Recently, XRP approached the psychological level of $2 and is currently trading around $2.09, marking a 20% decline since Garlinghouse’s announcement.
Despite this downturn, XRP remains a popular topic among analysts. CRYPTOWZRD noted that Ripple’s cross-border token is trading near the $2 support area, predicting a potential reversal could push its value toward the $2.80 resistance level. They mentioned, “Moving below $2.10 and holding can lead to a short. However, moving toward $2.33 followed by a healthy reversal offers a better short opportunity. Holding above $2.33 for a while may lead to a long.”
Another analyst, The Great Matsby, suggested that XRP might have already bottomed in early February when its price briefly fell below $1.80.
**Peter Brandt’s Opinion**
Veteran trader Peter Brandt recently suggested that XRP’s price has formed a typical head-and-shoulders pattern. He predicted a bullish trend if the price rises above $3, but warned of a further pullback to as low as $1.07 if the $1.90 support level doesn’t hold.
Meanwhile, in a span of 48 hours, whales dumped 1.12 billion XRP, potentially leading to a deeper correction. Such large sell-offs may trigger panic, causing smaller investors to exit the market. This increased circulating supply, coupled with stagnant demand, could result in a price slump, with the 1.12 billion tokens equating to nearly $2.5 billion at current rates.
**Twitter Reactions**
Join the conversation on Twitter: Analysts weigh in on XRP’s recent movements and potential future trends. #XRP #Cryptocurrency #CryptoMarket
