XRP Price Could Face a 30% Decline – Here’s What to Know

In recent days, the XRP price has shown a trend dominated by sellers, emphasizing the bear market that has persisted in recent weeks. Upon evaluating the altcoin's overall performance, it appears to have entered a consolidation phase since early February. Recently, a market analyst has forecasted a bearish perspective for XRP, suggesting a potential 30% drop in the near future.

Key Takeaways

XRP is currently facing bearish market conditions, suggesting potential further declines.
A symmetrical triangle pattern has formed on the XRP price chart, indicating a possible forthcoming price movement.
Analyst Ali Martinez forecasts a possible 30% decline, targeting around $0.93.
As of now, XRP is priced at approximately $1.34, with minor fluctuations in the last 24 hours.
Increased market volatility is expected following any significant price movements.

XRP Price

XRP's Forming Symmetrical Triangle

Crypto analyst Ali Martinez recently shared a bearish outlook for XRP on the X platform. He believes that the cryptocurrency could soon see a notable decline of up to 30% in the weeks ahead.

Martinez's projection is grounded in the formation of a symmetrical triangle within the 4-hour time frame of XRP's price chart. A symmetrical triangle is a chart configuration where the price establishes a series of lower highs and higher lows, gradually narrowing to form a triangle shape.

Usually, as the price compresses within this triangle, it approaches the apex before making a move. Ultimately, the asset's price will either break above the upper boundary (a breakout) or fall below the lower boundary (a breakdown).

XRP Price
Source: @alicharts on X

Increase in Market Volatility

Once a breakout from the symmetrical triangle occurs, it typically leads to a significant rise in volatility. This happens because traders anticipate large price movements in the direction of the breakout or breakdown, prompting them to place bets accordingly.

However, it’s important to remember that not every breakout is genuine. Therefore, it is advisable to wait for confirmation before making decisions. This involves looking for either a retest of the trendline or the closure of at least two bearish candles below the lower trendline, which is currently the scenario.

Martinez indicated that XRP appears to have dropped below the triangle's lower boundary, suggesting possible downside volatility in the near term. The price target after a breakdown from this chart pattern is often calculated based on the height of the triangle.

This crypto analyst predicted a potential 30% downward movement from the current price, setting a target around $0.93. Yet, it's essential to emphasize that these figures are theoretical and may fluctuate due to broader market conditions.

As of now, XRP's price is approximately $1.34, reflecting a slight increase of 0.6% over the past 24 hours.

XRP Price
The price of XRP on the daily timeframe | Source: XRPUSDT on TradingView