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A market strategist insists that the skepticism from the recent XRP downtrend is all noise, as the asset is currently retesting a notable price mark.
XRP participated in the broader market capsize today as hawkish news from the Federal Reserve Chair Jerome Powell continues to drive caution among investors. The fourth-largest cryptocurrency is down by almost double digits in the past 24 hours, nearing sub-$2.
Amidst the growing skepticism, market expert Egrag Crypto has reassured the XRP community. In a Friday tweet, the seasoned analyst insisted that XRP remains on course from a technical standpoint, describing the saga as “simply noise.”
XRP Market Update
Per the commentary, XRP is simply retesting the December 10 low. For context, on that date, the digital asset dropped below $2 for the first time in ten days but rebounded strongly to close at $2.3709. The analyst stressed that even a drop below $1.9 is not a cause for concern.
Meanwhile, Egrag suggested that the retest could spark bullish momentum for XRP if the price recovers from the region. He stated that XRP could form a bullish double bottom on the higher timeframes, sparking a bounce to new highs.
Furthermore, Egrag asserted that XRP may be entering a macro range, where the price would fluctuate between $2.00 and $2.90. The analyst noted that the XRPL native token followed a similar course before now, previously ranging between $0.5 and $1.00 for months before the recent breakout.
Analyst Says XRP is the Better Altcoin to Play
Additionally, analyst DonAlt has speculated that XRP is the better altcoin to play in the current market. However, he noted this would be the case if Bitcoin’s surge to $107,000 was not its cycle top.
While admitting that the recent dump made all altcoins cheap, he noted that an XRP buy would be the best move at this point. Notably, he did not place an XRP price target, but other seasoned speculators have asserted further upsides to $4.6 and an ambitious $35.
Meanwhile, XRP trades at $2.1780, recovering sharply from a drop to $1.9601. However, the asset is down 8.34% in the past day and 10.62% over the last seven days.