XRP (XRP) dropping below $2 is either a golden buying opportunity or the beginning of something worse, depending on which analyst you ask. And right now, the technical picture is about as clear as mud.

The Bearish Case: Echoes of Cardano's Collapse

YouTuber Blockchain Backer describes the current environment as "goblin town," marked by choppy sideways action that makes direction hard to pin down. XRP is up roughly 1.5% in the past 24 hours, hovering near $1.86. But zoom out, and it's down 13.7% over the past month and nearly 49% from its July high of $3.66.

The concerning part? Blockchain Backer sees parallels to Cardano (ADA) in 2022. Back then, ADA held support levels again and again before eventually breaking down hard, sliding to bear-market lows after losing key Fibonacci retracements. XRP has already given up supports at $2.50, $2.29 and $2.03. If history repeats, the next stop could be around $1.61.

The Bullish Counter: Buy Signals Emerging

Not everyone's panicking. Egrag Crypto thinks the bounce from $1.83 may have completed a retest, opening the door to targets at $3.72, $9 and even $27. Meanwhile, crypto chart analyst Ali Martinez notes that XRP is flashing a buy signal on the TD Sequential indicator. That setup often appears after extended selloffs when sentiment is sour and price is near key support, suggesting downside momentum may be fading and a reversal could be taking shape.

So is XRP setting up for a run, or just another leg down? The technicals say both are possible, which is exactly the kind of clarity no one wants.