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\n\t\t\t\t\t\t\t\t\tXRP needs a major bounce to the 50-MA at around $1.60 before it can restart its rally, said one analyst. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Somewhat expected following the new wave of attacks in the Middle East, the cryptocurrency market has headed south again, and Ripple\u2019s cross-border token is no exception.<\/p>\n
While the short-term picture remains bleak, according to on-chain data, there are some charts providing more hope on the macro scale.<\/p>\n
The price of the cross-border token plummeted at the start of the month to $1.01 for the first time in nearly two years amid the market-wide crash. It rebounded swiftly in the following days and even challenged the $1.20 resistance, where it was rejected and pushed south to under $1.10 within days.<\/p>\n
The past week or so has been a lot less eventful, as the asset spent it trading sideways between $1.09 and $1.12. The support level gave in on Monday morning, though, as the market priced in the new attacks<\/a> between the US and Iran. Ripple\u2019s coin slipped to just under $1.07 for the first time since the aforementioned low earlier this month.<\/p>\n Aside from market weakness, another possible reason for the asset\u2019s retreat is ETF activity. After nine consecutive weeks of net inflows, that streak was finally broken last week, with over $7 million leaving the funds<\/a>.<\/p>\n There\u2019s more, though: on-chain data from Santiment and Ali Martinez suggests<\/a> that whale activity on the XRP Ledger has \u201ccooled significantly.\u201d The number of large transactions worth over $1 million is down from 70 to just 2 in about a week.<\/p>\n Previously, Santiment also noted<\/a> the XRP Ledger activity had \u201cgone unusually quiet,\u201d with newly created wallets dumping to their lowest levels in almost two years.<\/p>\n CRYPTOWZRD commented on XRP\u2019s latest price moves, indicating that it had closed \u201cindecisively.\u201d The analyst expects<\/a> to see \u201cfurther upside\u201d if Ripple\u2019s token gains some traction against BTC, which hasn\u2019t been the case for a long time.<\/p>\n Meanwhile, EGRAG CRYPTO remains highly bullish on the token\u2019s long-term perspective. In a recent post on X, he noted that history might be rhyming for XRP, as there are several signs suggesting that the macro bottom is in.<\/p>\n \u201cThe macro bottom may already be behind us. Now we need a bounce toward the 50-MA (about $1.60), a healthy rejection, a retest of the 618 (0.5 Fibonacci zone), and that retest will become the make-or-break accumulation zone before the next impulsive move higher. In my view, this would complete a double-bottom lower low and set the foundation for the next macro rally for XRP.\u201d<\/p>\n<\/blockquote>\n EGRAG outlined<\/a> some major targets for that long-term rally, including up to $31 in some extreme cases. Other, more modest numbers include $15, $9, and $5-$6.50.<\/p>\nYou may also like:<\/h3>\n
Still Major Price Targets<\/h2>\n
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