XRP Price Forecast Slashed to $0.29 Amid Broader Crypto Bear Market

Ripple has secured full MiCA authorization in Luxembourg, allowing it to expand its business across Europe. This regulatory milestone marks a significant step forward for Ripple, but some analysts are still bearish on XRP's price.

Damian Chmiel, senior analyst at Finance Magnates, warned that XRP could eventually fall to $0.29 if it loses the $1 level. He cited four factors currently weighing on XRP: a broader crypto selloff, weaker institutional sentiment, delays to the US CLARITY Act, and dependence on Bitcoin's direction.

The analyst outlined downside targets of $0.67, $0.47, and ultimately $0.29 if XRP loses the psychologically important $1 level. However, not all analysts share this bearish view.