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A widely followed $XRP analyst has shared new updates on his earlier projection calling for a price dip to around $0.70.
This comes as $XRP continues to hover around $1.30 for several months without much change. While price action remains muted, analysts remain split between downside risks and a potential recovery setup.
Key Points
- $XRP holds near $1.30, and analysts remain split between downside risk and a potential recovery phase.
- ChartNerd says a drop to $0.70 is possible but would create a strong buying opportunity for investors.
- The asset has traded within a tight $1.13–$1.66 range for weeks, showing limited momentum.
- On-chain data suggests an accumulation phase, with deeply negative MVRV signaling a potential rebound.
Analyst Stands by Cautious Targets, but Hopes for Upside
In a recent tweet, analyst ChartNerd reiterated his earlier projection that $XRP could revisit the $0.80–$0.70 range. However, he made it clear that he would welcome being wrong about this price prediction.
He noted that $XRP is his largest holding, stressing that his lower targets are not to create fear but to prepare investors for all scenarios. According to him, a drop into that range would represent an opportunity.
At the same time, a move higher would validate bullish expectations and benefit him as a holder. He essentially sees any direction $XRP takes as a win-win scenario, since a dip would be an opportunity to buy lower for further upside.
$XRP Stuck in a Range
In his previous analysis in March, ChartNerd highlighted that $XRP must break above key resistance levels at $1.80, $2.00, and $2.40 to shift momentum in favor of bulls. He stressed that as long as $XRP remains below these zones, the possibility of a deeper retracement toward the $0.80 region remains on the table.
So far, $XRP has held around $1.30 for two months without much price movement. In the first week of February, the price dipped to $1.13 but recovered to around $1.66 in the second week of the month.
Since then, $XRP has neither exceeded $1.66 nor fallen below $1.13, keeping it mostly range-bound around $1.30.
Holders Sit on Heavy Losses
Meanwhile, the current range has not been favorable for long-term holders. Recent metrics indicate that the average $XRP holder is sitting on a loss of around 41%, with the MVRV ratio at levels last seen during the FTX-era market stress.
More than half of the circulating supply is currently underwater, with consistent realized losses recorded over recent months. This ongoing selling pressure has contributed to $XRP’s inability to sustain a strong recovery.
“Opportunity Zone” Emerges Despite Weak Sentiment
Despite the bearish backdrop, on-chain data suggests $XRP is entering an accumulation phase.
Deeply negative MVRV levels have historically aligned with periods where selling pressure begins to fade. Current conditions indicate $XRP may be in what analysts describe as an “opportunity zone,” a period when long-term investors start to re-enter the market.
Past trends show that similar setups have preceded strong rebounds. The last time $XRP reached comparable MVRV levels, the asset went on to post over 60% gains in the following months.
Outlook
Ultimately, $XRP’s price sits at a crossroads. Failure to reclaim higher resistance levels could open the door to the $0.70–$0.80 range highlighted by ChartNerd.
However, growing signs of market exhaustion and historical recovery patterns suggest that a base may be forming beneath the surface.
Whether $XRP drops into a final correction or begins a recovery phase, the coming weeks will tell.