A new XRP price forecast has emerged

A new XRP price forecast has emerged, offering insights into the cryptocurrency’s next bearish move. A crypto analyst who previously predicted XRP‘s crash below $2

A new XRP price forecast has emerged, offering insights into the cryptocurrency’s next bearish move.

One crypto analyst, who previously predicted XRP’s crash below $2, has provided a more comprehensive outlook, highlighting key support and resistance areas that will determine XRP’s next target.

According to TradingView crypto analyst, ‘MMBTrader,’ the XRP price is expected to dump below the $2 threshold.

At the time of writing, on Monday, February 27, CoinMarketCap reports that XRP is trading at $2.2, showing a 3% increase in value over the last 24 hours.

XRP Price Projected To Crash To $1.5

Notably, the cryptocurrency is gradually giving up gains, negatively impacted by the broader market downtrend and lack of bullish drivers.

MMBTrader has shared a technical chart supporting his bearish prediction for the XRP price.

The TradingView crypto expert has identified a Head and Shoulder pattern on the XRP daily chart, consisting of three peaks: left shoulder, head, and right shoulder.

Typically, a classic Head and Shoulder pattern is considered one of the most common indicators of a potential price breakdown, where the price of a cryptocurrency is expected to reverse from bullish to bearish.

Looking at the price chart, a break below the pattern’s neckline around the $1.95 price point would confirm XRP’s bearish position.

If the cryptocurrency fails to hold the $1.95 support level, then a sharp drop, possibly up to 50%, is anticipated. This massive crash would effectively place the price around the $1.5 level or even as low as $1.2.

While he anticipates a possible crash to $1.5, MMBTrader also projects an alternative bullish scenario in which the XRP price initiates a strong rebound.

The analyst revealed that if the cryptocurrency manages to consolidate near $2 without breaking lower, then a bounce to new highs could follow.

Additionally, the TradingView expert believes that the asset could also witness a significant rally toward $5 after its projected 50% price crash. He highlights that if XRP can successfully defend the support level near $1.5, then a strong reversal could occur, potentially setting the stage for a bullish move between $4 and $4.5.

Whales Scoop Up $385 Million Amid Market Downtrend

As XRP experiences slow momentum due to the market’s recent decline, whales are seizing the opportunity to buy the dip, accumulating a large amount of the token.

According to crypto analyst Brett, an XRP whale has executed a massive transaction, buying over 167 million XRP, valued at $368.4 million, in a single purchase.

Brett mentioned that this whale purchase comes as the market panics due to increasing volatility and price declines. In recent weeks, XRP has been struggling to recover from bearish trends, joining the ranks of top cryptocurrencies like Bitcoin and Ethereum, which recorded a major price crash earlier in February.

CoinMarketCap’s data shows that the altcoin’s price has fallen by 11.6% in just one week. This decline comes as the broader crypto market faces massive liquidations totaling hundreds of millions of dollars.