XRP registered its largest single-day advance in over two weeks on Friday, climbing nearly 3% after steep losses triggered by reports that Ripple co-founder Chris Larsen’s wallet was compromised.
However, despite the relief rally, influential market analyst XRP_SHARK predicts additional drawdowns lie ahead before the coin can stage its next bull run towards $1.40.
At press time, XRP changed hands around $0.5048 following the bounce from 24-hour lows below $0.49. Although Ripple stated its corporate accounts remain secure, the incident exacerbated selling pressure as XRP hit multi-month lows.
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XRP could surge higher
Now, as the shockwave dissipates, analysts like XRP_SHARK remain constructive on XRP’s long-term trajectory. However, the researcher cautions that prices may still need to wash out before XRP can prepare for its next rally.
Specifically, XRP_SHARK eyes $0.45 and $0.47 as potential support zones where XRP could stabilize and reverse higher. From there, he targets subsequent resistance ranging from $0.53 to $0.57 before an extended correction drags prices as low as $0.35 to $0.40.
In XRP_SHARK’s view, a capitulatory selloff towards $0.35 would signal the maximal fear necessary to carve out durable support for XRP’s next bull phase, targeting $1.40.
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Of course, many variables influence whether such an ambitious upside forecast materializes. Ripple continues to advance XRP’s utility through big-name partnerships, while legal clarity could emerge should the SEC case conclude with no securities law violations.
Hence, while bears maintain the upper hand currently, analysts believe both price action and fundamentals point to higher highs over more extended timeframes once the bottom falls out. However, if XRP_SHARK’s analysis proves correct, the road ahead remains bumpy in the near term.
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