Nerves are running high around XRP as pressure grips the wider crypto market. On Thursday the token was changing hands at the $0.87 level, with the charts painting a distinctly weak picture. It has already shed close to 2% in the day's trade and is now only a stone's throw away from cracking below the psychologically important $1 mark. Should it slip under that line, the mood could turn even more negative, because clawing all the way back to $3 from here would be a herculean task.
Analyst Warns the Slide Is Not Over
Pseudonymous crypto analyst Invest With D shared a chart on X explaining that XRP has returned to the critical 0.786 Fibonacci support. The analyst stressed that the correction in Ripple's native token has not run its course yet and could see further declines. A failure to defend these levels can drag the leading altcoin below $1 and down toward $0.90. That puts XRP squarely in testing times, and one more leg lower from here could send it sliding into the $0.90 range.
Where the Drop Could Finally Stop
The analyst expects XRP to bottom out at around the $0.87 level. That works out to a fall of close to 19% from its current price of $1.08. A fresh bet on the altcoin right now could wipe out a big chunk of a trader's portfolio. Climbing back in double digits just to break even, let alone book a profit, may take a long time. That makes buying XRP at the moment a risky affair, as the downside is both immense and deep. The altcoin can deliver a steep cut, and fresh investments could dry up. In such conditions, only those chasing quick money or short-term gains are likely to commit a meaningful share of capital.
XRP Wobbles in Step With Bitcoin
The broader cryptocurrency market is under immense pressure thanks to global macroeconomic factors. Bitcoin too fell to a low of $59,000 on Thursday before recovering and heading back toward $61,000. Since XRP moves in tandem with BTC, that weakness dragged the altcoin lower as well. The sensible move is to wait for further dips before taking an entry position in the token.
