An analyst projects a $4.50 minimum target for XRP, assuming a worst-case scenario where the Bitcoin bull run is over.

XRP has shown significant volatility this week, fluctuating between $2.30 and $1.6. This fluctuation saw the price drop sharply below $1.64 on Monday before briefly recovering to around $1.90. 

XRP’s seven-day performance now reads a 13.9% loss and a 22.7% dip in the last two weeks. However, within the past 24 hours, XRP has posted a 6.8% increase, reflecting a brief but notable short-term recovery. Despite the brief uptick, the longer-term trend remains negative, with a 30-day decline of 18.2%.

Amid the broader market recovery, an analyst is now observing critical support levels and has identified a potential target for the asset.

XRP Worst-Case Bull Scenario

For instance, Dr. Cat, an analyst on X, projects that $4.50 is the minimum potential target for XRP.

The analyst expressed strong conviction that XRP could reach this price, even in a worst-case scenario where Bitcoin’s bull run ends and BTC experiences a lower high or a “dead cat bounce” around $85,000 in the coming months.

According to Dr. Cat, the 1.618 Fibonacci extension level from the last drop supports the $4.50 target. In the short term, the analyst is focusing on key support levels that may indicate whether XRP has reached its bottom.

Specifically, he argued that he would only reconsider his $4.50 target for XRP if the coin were to close below $1.69 on a 2-day chart.

The analyst believes that the probability of the latest dip in crypto prices being the bottom is at least 50%. As a result, he expects a major rebound from here.

4 Signs of XRP Strength

In a separate observation, EGRAG, a renowned market analyst, has outlined four price levels to watch for a potential breakout. EGRAG’s roadmap indicates that a close above $2.24, which aligns with the 21-day exponential moving average (EMA), could signal a shift toward bullish momentum. 

From there, XRP must surpass other critical levels, such as $2.30, which corresponds to the Fibonacci 0.382 retracement level. A third key indicator to watch is the $2.47 level, which corresponds to the 0.5 Fibonacci retracement.

EGRAG also pointed out the $2.70 level, aligning with the Fibonacci 0.618 retracement. Reaching and surpassing these resistance levels, especially $2.70, could set the stage for a more significant rally, particularly the $5 mark.