With XRP trapped in a range around $1.30 for months, XRP analyst ChartNerd maintained a previous outlook that it could retrace to the $0.70 to $0.80 area, raising market jitters.

On April 7, blockchain outlet The Crypto Basic reported that ChartNerd reiterated in a recent post on X, formerly Twitter, that XRP could slide to that range. He added that he hopes the forecast is wrong.

He said the downside target was not meant to stoke fear but to prepare for all scenarios. He also said XRP is his largest holding, and that a correction to that zone could be a buying opportunity. He added that holders would also benefit if the price rises and a bullish trend is confirmed, saying it is close to a win-win either way.

As XRP continues to trade in a range, ChartNerd said in a March analysis that it needs to break resistance levels at $1.80, $2 and $2.40 to turn bullish. As long as it stays below those levels, the possibility of a further pullback to around $0.80 remains, he said.

Actual price action has also been limited. XRP fell to $1.13 in the first week of February, then rebounded to around $1.66 in the second week. It has since failed to top $1.66 and has not fallen below $1.13, mostly repeating ups and downs around $1.30.

With the sideways move dragging on, an indicator was presented suggesting growing pressure on holders. The average XRP holder is estimated to be about 41 percent in the red, and MVRV was cited as being at a level seen in the market stress zone during the FTX incident. More than half of the circulating supply is underwater versus its purchase price, and realized losses have continued in recent months, it said.

On-chain indicators are also sending other signals. It said that periods when MVRV fell deep into negative territory overlapped with past points when selling pressure began to weaken, and some analysts call this an "opportunity zone".

Ultimately, whether XRP heads for the $0.70 to $0.80 scenario because it fails to regain upper resistance, or builds a bottom amid signs of bearish exhaustion, will for now depend on how it reacts at key price levels.

“I'm more than happy to be wrong on my $XRP $0.80/$0.70 calls. It's my largest holding by weight, so it's in my best interest for it to gain value. I do not share lower targets to scare you. I simply share them to inform you. If we get it, opportunity. If not, we rise!”