The crypto market has recently experienced a correction phase, particularly since the launch of the Bitcoin Spot ETFs. Several altcoins have been affected by this trend. XRP, in particular, saw its price fall, moving closer to its annual support. This situation could represent a buying opportunity as a rebound seems imminent. A Coingape analyst also anticipates a rise in XRP, with two other altcoins to watch.
XRP crypto is approaching a critical zone
Grayscale’s liquidation of its Bitcoin holdings influenced the market correction phase. Ripple’s crypto, sixth in terms of market capitalization, was affected. Indeed, the price of XRP fell from $0.62 to $0.528, a loss of 15%. But this decline brings the asset closer to a critical level: its annual support level. This could motivate investors tobuyallowing the crypto to aim for higher levels.
Sahil Mahadik’s analysis of Coingape indicates that the price of XRP, gradually increasing, is supported by an ascending trendline. The latter has effectively provided support during significant market downturns. Moreover, XRP has bounced from this line three times. This demonstrates continued investor interest in purchasing XRP crypto on dips. This is a clear indication ofa bullish feeling.
If its price rises above its overhead trendline, it could trigger increased buying. In this case, Ripple’s native crypto could reach $0.70 to $0.75.
Other Altcoins to watch
XRP is therefore a crypto to watch closely. But other tokens such as Solana (SOL) and Arbitrum (ARB) are also in the viewfinder. Each of these cryptos have demonstrated resilience and the ability to recover during periods of uncertainty. Solana was among the best performing cryptos in the last quarter of 2023. Its price rose from $20 to $126 in October.
Furthermore, Arbitrum recently reached a new high of $2.4. However, its price has since fallen. At the time of writing, ARB crypto is trading at $1.71.
Thus, the current decline in the digital asset market could represent an opportunity for investors to ‘Buy the Dip‘. Meanwhile, Bitcoin, with its influence on the crypto market, is eagerly awaiting a significant rebound.
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