- Altcoin XRP sits at a heavily oversold level.
- Analysts debate if the XRP bottom is set yet.
- Experts beelive a parabolic surge is imminent for XRP.
The crypto market was looking at a continued sideways momentum until today. Now, suddenly, several financial assets have all taken a short dip, leading to analysts debating over the possibility of the long-awaited final market dip before a surge or the formation of bear market bottom prices. At the moment, altcoin XRP sits at a heavily oversold level, and analysts wonder if the XRP bottom has already been hit.
Altcoin XRP Sits at a Heavily Oversold Level
Today, the price of the pioneer crypto asset, Bitcoin (BTC), is trading at the $63,000 price range, while the price of the pioneer altcoin asset, Ethereum (ETH), is trading at the $1,900 price range. Meanwhile, the prices of altcoins took a slight dip, following the small dip in both BTC and ETH prices. This sudden fall following weeks of sideways movements are leading analysts to believe that a final fall to bear market bottom prices is about to begin.
At the moment, the popular opinion is that the price of BTC will fall as low as the $54,000 price range, which is much higher than the earlier bear market bottom price expectation was, at the $40,000 price range. Similarly, the price of ETH and other altcoins are expected to follow, taking the price of ETH to targets as low as $1,200 or $1,700 on the not-so-bearish side. Popular altcoins like XRP and NEAR are also on the same boat, preparing for a final dip before bullish momentum returns.
As we can see from the post above, the price of XRP is now at what this popular trader marks as the most oversold levels ever. In fact, according to the chart accompanying the post, the price of XRP is down 72% from its ATH, and has hit a 2-year low near $1 last month. What’s more, the monthly RSI is now more oversold than during the 2020 COVID crash. Does this mean the XRP price bottom is in?
Analysts Debate If the XRP Bottom Is Set
Earlier this month, other XRP analysts had shared their observations and analysis which included the expectation of the price of XRP to dip as low as the $0.8 price range, where the asset is still expected to set its bear market bottom. Following this target, the price of XRP is expected to make a full bullish recovery, entering a massive price surge, and pump to hit new ATH targets starting with $5.
Adding to the conversation is another expert marking XRP setting its 2-year low. As we can see from the post above, Ripple is approaching the support zone below the falling wedge on the weekly chart. At the moment, the price of XRP has printed a 2-year low near $1, and the monthly RSI has never been this oversold in history. This all points to a strong price reversal that will propel XRP to targets from $1.40 and $1.90 to 3.40, and finally $5 ATH.
