XRP May Need a 24% Dip to Hit Long-Targeted $6 Price Zone

The broad crypto market has moved to the positive trading side, with prices of leading cryptocurrencies recording impressive gains over the last day. As bullish sentiments return to the market, XRP is currently regaining momentum, drawing the attention of investors.

While all eyes appear to be on XRP, popular crypto analyst Ali Martinez has shared an analysis suggesting that XRP could still hit the once-expected $6 target in the near term.

XRP to offer best buying opportunity at $1.90

Following his analysis, Ali has showcased charts suggesting that XRP would need to plunge as low as $1.90 to achieve the support it needs to rally up to $6.

After observing the ongoing price movement for XRP, Ali has predicted that if the ongoing bull run sustains for a longer period, XRP could temporarily cool off to $1.90 before resuming a big rally that stands the chance of being the strongest rally for XRP in this cycle.

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Notably, the analyst emphasized that the $1.90 zone could offer the best buying opportunity for XRP to fuel its rally beyond hitting a new ATH and smashing previous price targets.

While XRP is currently trading around $2.50, data provided in the charts suggest that it would require a 24% decline from its current trading price to fall back to the crucial $1.90 support level and return for its major rally.

XRP eyes multi-year high as price resumes uptrend

While XRP is currently showing a massive price surge of 9.34% over the last day, with its price trading at around $2.53 as of press time, this bull run puts XRP on the possibility of hitting a $6 multi-year target, following momentum gathered from the rally.

With the XRP ecosystem currently buzzing with bullish sentiments, as its ongoing price rally has coincided with expectations of an XRP ETF this week and major developments from Ripple, the analyst has described the expected dip as a potential accumulation zone rather than a trend reversal.

Nonetheless, the chart further highlighted that XRP has formed a critical support level at $1.90, as historical price movements show that it stands as a level where buyers have stepped in aggressively.