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The XRP price plunged 7% in the last 24 hours to trade at $2.15 as of 4:16 a.m. EST on trading volume that skyrocketed 142% to $6 billion.
This decrease in the Ripple Token price comes as a prominent cryptocurrency analyst, Ali Martinez, shared a bullish outlook for XRP, suggesting the token could hit an all-time high of $5.
If $XRP avoids closing below the head-and-shoulders neckline and breaks above the right shoulder instead, it could invalidate the bearish pattern. This move might trigger a bullish breakout toward $5! pic.twitter.com/f2845kE4UC
— Ali (@ali_charts) March 9, 2025
Ripple Token Price Analysis: Head And Shoulders Formation Signals A Critical Price Zone
The XRP price has formed a classic Head and Shoulders pattern on the daily chart, which is typically considered a bearish reversal signal.
The left shoulder, head, and right shoulder are well-defined, indicating that the price has already broken below the neckline, suggesting further downside potential.
Currently, the price of XRP is hovering around $2.15, nearing a key support zone (highlighted in white) between $2.00 and $2.10. This support level will be crucial in determining whether XRP rebounds or continues its downward trajectory.
The projected blue path on the chart suggests a potential bounce from this support zone, which could lead to a bullish recovery if buyers step in.
The 50-day Simple Moving Average (SMA) at $2.6284 is currently acting as a resistance level. If the Ripple token price regains momentum and crosses above this, it could signal a bullish reversal.
Meanwhile, the 200-day SMA at $1.6109 serves as a long-term support level. If the price drops further, this could be a key point of interest for long-term traders.
Moreover, the Relative Strength Index (RSI) is at 41.86, indicating that XRP is in the lower range of the neutral zone.
While it is not yet in oversold territory (<30), the downward trend suggests that bearish momentum is still present, but a reversal may be possible soon.
XRP Price Prediction – Is $5 Possible?
If the XRP price manages to hold the $2.00 – $2.10 support zone, a strong rebound towards $2.50 – $3.00 could occur, following the blue upward projection on the chart.
However, if the support fails, the Ripple token price may decline towards the 200-day SMA at $1.61, where buyers might step in.
A break above the 50-day SMA at $2.62 would be a strong bullish confirmation, potentially leading to a retest of the previous highs near $3.50.
Further upside pressure may push the Ripple token price towards the $5 level in the long term.
Conversely, if bearish pressure persists, XRP could see further losses before finding stable ground.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL) that will give free Bitcoin to token holders.
99Bitcoins, a prominent YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Presale Surges Past $3.4 Million – A Promising Alternative
Interest in Bitcoin-linked projects remains high, with newcomer BTC Bull Token now closing on the $4 million mark in the first month of its presale.
The project aims to reward token holders with actual Bitcoin when BTC crosses certain price thresholds, starting with $150,000. These rewards continue with each $50,000 increase in Bitcoin’s price, potentially giving holders multiple opportunities to earn actual BTC without directly buying it.
Beyond these Bitcoin rewards, the project also incorporates token burns that kick in when BTC reaches $125,000.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
Bitcoin Bull token holders can also earn passively by staking the tokens for a 124% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull Token website to buy BTCBULL for $0.002405 each using BNB, ETH, USDT, or a bank card. To lock in the best deal, investors will want to buy BTCBULL before a presale price hike in less than 3 days.
Learn more about BTC Bull Token.
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