Income Sharks, a well-known market analyst, has suggested that those who missed XRP below $2 could soon get the chance to buy at that level.
His recent commentary comes on the back of the ongoing market turbulence that has threatened to push multiple assets to yearly lows, including Bitcoin (BTC) and XRP. Notably, Bitcoin recently lost the $100,000 support, dropping to $98,943 earlier today before eventually recovering to trade at $101,741 as of press time.
Past Opportunities
Meanwhile, XRP has defended the pivotal $2 support more fervently, currently changing hands at $2.25 after it recovered from a dip to $2.1 earlier in the day. Despite XRP’s 2.21% increase today, Income Sharks believes a slump below the psychological $2 support is not out of the question.
In his latest analysis, the market watcher specifically addressed investors who have expressed regret over missing out on XRP when it traded below $2. For context, after dropping below $3.31 in January 2018, XRP changed hands below $2 for years, giving investors an opportunity to amass it at a lower cost.
However, this opportunity closed after the November 2024 U.S. election. Notably, following President Donald Trump’s victory, XRP staged a rally that allowed it to breach $2 the following month. Since then, XRP has mostly held above $2 despite occasional dips below the price point.
Interestingly, these dips have also presented momentary opportunities for investors to enter the market below $2, but some appear to have missed them. The last opportunity came up during the Oct. 10 crash, but emerged during a flash crash, which most investors would not have been able to take advantage of.
Analyst Predicts Upcoming Chance to Buy XRP Below $2
Now, Income Sharks believes another opportunity could be opening up as market uncertainties lead to price declines. In an accompanying chart, the analyst identified a demand area between $1.8 and $2. Notably, he suggested that the current XRP dip could push prices to this area before a recovery ensues.
Below this demand zone is a thinner support area around the $1.7 to $1.8 range, which could act as the next cushion should the area between $1.8 and $2 fail to hold up well.
Casi, another prominent market analyst, believes a drop to this region between $1.72 and $2.04 may be imminent despite insisting that XRP has maintained its long-term bullish structure. According to the analyst, once XRP fills this demand zone, the next direction would be a rally to between $7 and $10, aligning with a Wave 3 surge.
Meanwhile, market watcher Lingrid already warned of a possible correction for XRP toward the $2 support last month. In an Oct. 18 analysis, she called attention to a descending channel, suggesting that XRP could drop to $2.1 to retest the lower trendline of the channel. Notably, when XRP traded for $0.51 in April 2023, analyst EGRAG also argued that XRP under $1 was a life-changing opportunity.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.