The past 24 hours have been challenging for XRP holders

XRP price drops 5.8%, approaching key support at $2

XRP price has fallen by 5.8% over the past 24 hours, posing challenges for XRP holders. Prices fell to a key support level near $2, with selling pressure currently exceeding buying pressure.

Market sentiment turned bearish, but an analyst was still optimistic about XRP, believing that the recent price trend may indicate that XRP is about to hit a record high.

Analysts point out $2.222 as a key breakthrough point

Dark Defender, a well-known crypto analyst, expressed his bullish view on XRP on the X platform, which has hit a Fibonacci pullback low despite the recent price decline. He thinks this is a key point.

Analysts believe that $2.222 is a key resistance level that XRP needs to break through to continue to rise.

"If we break through this price (I think we will), then XRP will have a wave of ups and hit new highs," analysts said.

At the time of posting, the price of XRP was about US$2.18, which had previously encountered resistance and declined at US$2.46. The obstacle marks the beginning of the decline, eventually causing the XRP price to fall to the Fibonacci pullback lows that analysts had previously predicted.

However, the XRP pullback may not have ended yet and the price may still fall to $2.04, which is the final Fibonacci pullback previously determined by Dark Defender.

Currently, XRP price hovers around $2.04, a key area for bulls. Whether this support can be maintained will determine the short-term trend of XRP price.

Bullish expectations under bearish momentum

Despite the continued price correction, Dark Defender maintains its $5 to $8 XRP price forecast, which is consistent with expectations of a fifth wave of gains in Elliott's wave theory. The current wave structure suggests explosive growth is likely to occur in April.

This forecast is based on the crypto market fear and greed index reaching 24 fear levels, further reflecting bearish market sentiment. But Dark Defender pointed out that this bearish sentiment is not a bad thing, and he believes that the general expectation of 90% of market participants is "excellent", which may indicate an unexpected reversal.

As of press time, the XRP price was about $2.05, a 24-hour decline of 5.7% and a weekly decline of 15.8%. The 24-hour trading volume also fell by 17%.

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