XRP Price Explosion Ahead? Analyst Says the Next Major Repricing Could Start Within Months

Market analysts believe that XRP is about to go through one of the biggest technical events, and the current correction could be just the start of a powerful rally.

Despite the continued selling pressure, the token failed to keep up with Bitcoin and most of the altcoin market, but some traders argue that the overall bullish structure remains intact.

According to crypto analyst ChartNerd, it has not been easy to remain bullish on XRP through this latest drop, but the decline was just a round of profit-taking in a market cycle.

The decline was not an indication of the long term price outlook for the cryptocurrency, and the focus should be on the technical setup. At the moment, XRP is trading back at the key support level of $1.06 after it failed to hold above the 20-day EMA at around $1.08.