XRP fans are waiting for the right signal before jumping in again. Daniel Liu, a respected crypto analyst behind VirtualBacon, says XRP still needs to drop about 22% more before it shows a strong buy signal. He shared his views in a recent video on May 30.
XRP had a huge rally from November to January, soaring 578% from 50 cents to $3.39. Since then, it has pulled back about 37% from its January peak, which Liu calls a healthy correction for a strong altcoin like XRP.
According to Liu, XRP’s price needs to retrace further to about $1.85 to hit a key support level that has held firm seven times since December. This level acts as a “fortress” for XRP’s price.
Liu outlined two possible ways XRP could hit this 22% correction:
- XRP could drop 22% against the dollar while Bitcoin holds above $100,000. This would push XRP near $1.85 and likely trigger a retest of the $2 support level.
- XRP might stay near its current price, while Bitcoin surges another 22%. This scenario would make XRP more attractive compared to Bitcoin, setting up a strong buy opportunity.
Liu says he plans to buy and hold XRP after this correction, expecting it to make its next big run. However, he did not give a specific price target for that rally.
Other experts share bullish views. Peter Brandt calls XRP “everyone’s favorite.” The XRP community researcher SMQKE predicts XRP could beat Ethereum this year and climb above $6. Another analyst, Egrag Crypto, expects XRP to reach $13 or even $22, based on strong chart signals.
For now, XRP buyers should wait for this important correction and buy when XRP hits a better value zone.
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