Forecast Suggests XRP Could Plunge Nearly 50%

Ripple’s native token XRP is currently trading around the $2.12 mark and is mostly moving backward this month. The leading altcoin has not experienced a price spurt in the last 60 days and is slowly dipping in the charts. Another leg-down from here could take its price below the $2 mark and return to square one.

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A recent price analysis on TradingView warns that the dip could only get bigger for Ripple’s XRP. The chart analysis indicates that the altcoin could fall anywhere between 40% to 50% and reach a low of $1.20. That’s a significant drop and could burn a hole in the wallets of investors who are now taking an entry position.

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Ripple: Chart Indicates XRP Could Fall Nearly 50%, Reach $1.2 Level

The latest chart review indicates that XRP’s descending triangle hints at a 45% drop in value next. A descending triangle chart pattern forms after a rally is over and is seen as a bearish reversal indicator. “The bulls are struggling to keep XRP above the 50-day simple moving average (SMA), currently at $2.18, signaling a lack of strength,” read the analysis.

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If the trend continues, XRP has more chances of slipping below the $2 range and eventually heading further south. “If this support fails, XRP price could tumble toward the downside target at around $1.20 by the end of May, down 45% from current price levels,” the forecast read. This makes the altcoin a risky bet as indicators point towards a decline.

Therefore, taking an entry position into Ripple’s XRP currently could be seen as a costly affair. An investment of $1,000 could turn into $550 if the analysis turns out to be accurate. The altcoin has already peaked in price and is ripe for corrections. In addition, the global turmoil over trade wars and tariffs is adding fuel to the fire of the market performance.